Q: Explain characteristic of following economic system: Free market economy
A: Meaning of Free Market Economy: The term free-market economy is the situation under which there…
Q: Explain the above statement with the help of a graph.
A: This is a key consequence of the H-O hypothesis, which asserts that a country will export the…
Q: What are the four factors of production?
A: Factors of production: - factors of production are the resources used to produce goods and services.…
Q: Define productivity efficiency and allocative efficiency. What conditions must be met in order to…
A: Productive efficiency takes place when production of the optimal combination of output is achieved…
Q: Name a way that your family interacts in the factor market and a way that it interacts in the…
A: The market is the place where the buyers and sellers interacts with each other and the exchange of…
Q: What are the characteristics of factors of production Only three characteristics
A: According to the given question The factors of production are also known as the productive resources…
Q: Refer to Figure 2-1. Which arrow shows the flow of the factors of production? Figure 2-1 A Markets…
A: The circular flow of money explains how money and goods are circulated between the household sector…
Q: What is economic
A: Economic is divided into two major discipline that is microeconomics and macroeconomics. Here,…
Q: Which is not a factor of production? Money Land Labor Capital 2 A point outside the production…
A: Hello. Since you have posted multiple questions and not specified which question needs to be solved,…
Q: The word economics is closely associated with the word a. free b. all of the above c. plenty d.…
A: The global economy is the aggregation of all the economies together. The characteristics of the…
Q: Please give two advantages of a free market economy
A: Free market is the one where government does not make market decisions as the demand and supply of…
Q: How will you explain production as a source of economic well-being?
A: Production is the key feature of economic well being of any nation.The manufacturing units are…
Q: Considering yourself to be a Capitalist Economist, how would you answer the basic economic questions…
A: Capitalist economy: It is an economic framework where private people or organizations own capital…
Q: What mix of inputs should be used to produce a given level of output?
A: The production function refers to the function that determines the maximum quantity of output that…
Q: In deciding to produce a given good, an individual would always choose A. The process that uses the…
A: To determine the production method that a producer must always choose.
Q: EBP Construction is producing cements and plywood. The production function of the economic goods are…
A: Production possibility curve shows the combination of two goods that a country can produce with…
Q: According to the economic theory known as mercantilism
A: Meaning of Macroeconomics: The term macroeconomics refers to the situation of economic and…
Q: Both Tom and jerry work eighht hours a day. Tom can produce six baskets of goods per hour while…
A: Both Tom and Jerry work eight hours a day. Tom can produce six baskets of goods per hour while Jerry…
Q: A good economic theory
A: Economic theory is a set of broad ideas or assertions that attempt to explain economic reality. It…
Q: Which of the following indifference curve the slope of the production possibilities frontire? A,…
A: The production possibility curve, abbreviated as PPC, depicts various combinations of products that…
Q: What are the basics of a "circular economy'? In your answer briefly discuss such concepts as:…
A: The basics of a circular economy: plan out waste and contamination; keep items and materials being…
Q: List the four factors of production
A: Factors of production are the economic inputs utilised to generate profits. Land, labor, capital,…
Q: In a centrally planned economy, the government decides how economic resources will be allocated. A…
A: 1) In a planned economy, production, allocation of capital goods, and investment all occur in…
Q: Economic is a social science that is considered a precise art.
A: The study of societies and the relationships among persons within those communities is referred to…
Q: Describe and contrast market economies, planned economies and mixed economies.
A: Market economy :- A market economy is a type of economy in which the decisions regarding investment,…
Q: State the main characteristics of a Market Economy and explain how Market Economy works?
A: A market economy is an economic system in which economic decisions and the pricing of goods and…
Q: A- We have studied the production technology. Explain the concept with an example.
A: We will answer the first question since the exact one was not specified. Please submit a new…
Q: What is the Theory of Production in economics? Explain..
A: Answer: In economics, the technical relationship between the input and output is explained by the…
Q: The question of for whom to produce focuses on how an economy's input is distributed among members…
A: Economic is the study of the management of scarce resources to fulfill the unlimited wants of…
Q: The circular-flow diagram illustrates that, in markets for the factors of production?
A: The circular flow diagram of a country is defined as the movement of commodities including services…
Q: QUESTION 7 In the first chapter of The Wealth of Nations, Smith introduces the idea of the which…
A: Adam Smith is one of the principal defenders of Modern financial matters who is otherwise called the…
Q: Explain the Market System. Give an in-depth example of a Market System.
A: Hi Student, thanks for posting the question. As per the guideline, we are providing answer for the…
Q: In the simple circular-flow diagram, who sells the factors of production? Select one: a.households…
A: In simple circular flow diagram, there are only two entities viz. Household and business houses.
Q: The human effort applied to the production of goods is called in economics
A: To find : What is human effort applied to production of good in economics
Q: Everything is made up of the four factors of production. Look at the shirt you have on right now.…
A: The four factors of production are Land Labor Capital Entrepreneur
Q: In the circular-flow diagram, firms are sellers in Select one: a. the factors of production market…
A: In a circular flow diagram, households provides factors of production to the firms and in exchange…
Q: In the circular-flow diagram, firms are sellers in Select one: O a. the factors of production market…
A: The household sector is the sector that purchases the final products and services for consumption…
Q: Explain the term free-market economy.
A: There are three types of economies: Free market economy Command economy Mixed economy
Q: Which of these statements is not true? a. Macroeconomics addresses national economic issues b.…
A: In economics, economic agents have an important role in efficiently utilizing scarce resources so…
Q: Below is the microeconomics statement condition. Identity the type of economic system…
A: An Economic system is a network of organisations used by a society to resolve the basic problems of…
Q: What are examples of individual economic agents?
A: Economic agent is a person or an organization who acts as a decision maker that can influence…
Q: The branch of economics that is concerned with the study of individual economic unit is known as
A: According to its definition, economics is a social science that examines the issue of product…
Production Economy
Describe the production economy. Prove the first theorem of welfare.
Step by step
Solved in 2 steps
- In Mark Skousen’s article, “What is Economics, Anyway?,” he bemoans the apparent fact that the modern definition of economics is incomplete. What does he say is missing? A. relationship between means and endsB. the concept of scarcityC. the process of transformation of resourcesD. allocation toward competing endsPresent the three marginal equivalencies that are necessary conditions for a general equilibrium. Use a graph to explain these three marginal equivalencies.The figure shows the production possibilities frontier for Mario's, a pizza and pasta producer. Draw a point at which the firm achieves production efficiency. Label it Efficient. Draw a point that is attainable but inefficient. Label it Inefficient. ... What does it mean to say that production is inefficient? When production is inefficient, OA. all resources are assigned to tasks for which theyare the best match OB. there is a tradeoff betweenpizza and pasta OC. the firm can produce more pastaonly by producing lesspizza D. the firm can produce more pastawithout producinglesspizza 100- 90- 80- 70- 60- 50- 40- 30- Pasta dishes (per hour) 20- 10- 0- 2 0 PPF 10 12 5 4 6 8 Pizzas (per hour) >>> Draw only the objects specified in the question.
