Q: What would be another example of a “system” in the real world that could serve as a metaphor for…
A: Economics is a social science subject. Understanding the subject gives a brief idea regarding how…
Q: What are economic systems, and how do they differ?
A: Answer: Economic system: it refers to the system by which resources, goods, and services are…
Q: What are the four basic economic questions? How are they answered in a capitalist economy?
A: The four basic questions concerning an economy are: (a) What and how much quantity of goods and…
Q: What are the types of market failures in an economy? and gave two examples of each.
A: Market failure occurs when the price system in the economy fails to factor in all the economic…
Q: Why do we have markets, and according to economists, what role should government play in them?
A: Market is a place where the goods and services produced by the companies are exchanged in return of…
Q: Describe the types of economic systems.
A: The macroeconomics is the part of the economics which studies the economy as a whole. It studies…
Q: Is the economic system self-equilibrating? Does Schumpeter agree?
A: As per classical economists economy is self correcting economy which depends on self adjusting…
Q: If economic laws are applicable in real world?
A: Economics is based on the activities of real life. It analyses the economic activities and then…
Q: How does self-interest help achieve society’s economic goals? Why is there such a wide variety of…
A: The self-interest varies according to various groups of individuals. The group of producers, who are…
Q: Which of the following is not a typical characteristic of a market system? freedom of choice…
A: Option 3 Government production planning the standard market system everything is closely-held…
Q: What are disadvantages of free market economy ?
A: Free Market Economy is the one in which buyers and sellers act in self-interest. It is open for…
Q: Friedrich Hayek advocated for an economic system based on
A: In 1899, in Vienna, Austria, a famous economist was born. Friedrich Hayek is well-known in the…
Q: How can economic changes affect society?
A: Economic changes can affect the society in various ways: 1. The cost of living has the significant…
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: What are the different types of Economic Systems?
A: An economic system is a method by which social orders or governments coordinate and disperse…
Q: What is a social economy? Why is it considered to be happening already?
A: Economies are classified into different types based on the economic activities performed by the…
Q: In which type of economy does only the government make economic decisions?
A: The economy in which the only government make or take the economics decisions are the CENTRALLY…
Q: four
A: The characteristics of economic systems are : Command Economy : the government is in turn control…
Q: What is the difference between scarcity and poverty?
A: Poverty:Poverty refers to the economic situation of the people in which they are not able to afford…
Q: Why Economics is imporant for ordinary people to know who doesn't have any background about it?
A: The wants and desires of the individuals are unlimited. The resources to satisfy these wants are…
Q: In a market economy?
A: In a market economy, prices of goods and services and allocation of resources are determined by…
Q: What are some examples of a command economy? Market Economy?
A: In a command economy, macroeconomic and political contemplations decide resource allocation. Command…
Q: Do you think a free market or a command economy is more likely to encourage productive and…
A: Command economy and free market are two opposite firms of an economy because command economy is the…
Q: Is there a change in the resources available to society? explain why.
A: Economics is the study of allocation of scarce resources among alternative uses to satisfy human…
Q: What is scarce in economics
A: Economics is a subject of social science. It is commonly said that economics is the queen of social…
Q: Define economics and describe the two types of economic systems: capitalism and command economy.
A: Economics refers to social science dealing with the generation, distribution, and the consumption of…
Q: What determines the answers to the economic questions under a traditional economy?
A: Traditional economy explain 3 questions which are as:- 1 .what to produce? 2. How to produce? 3. For…
Q: What are the advantages of a market economy as compared to a command economy
A: Market economy is a type of economy in which the private businesses control economic matters.…
Q: What are the pros and cons of traditional economy?
A: ‘Traditional economy’ relies on custom & history. It assumes that all people are ‘rational’.…
Q: In a market system, provide an example for when government can enhance or harm any of the processes…
A: In a nutshell, an economy must distribute its resources and pick between several possible bundles of…
Q: Why do most economies in the world today operate somewhere in between a market economy and a command…
A: A free-market economy means the economy where the market is run by the forces of demand and supply.…
Q: What drives a free market economy?
A: In a free-market economy, market forces will run the economy, demand and supply are the market…
Q: The main economic difference between a utopia and the real world is that in a utopia, there is no…
A: The economy is the set of different activities in which economic production and consumption are…
Q: capitalist
A: On the basis of ownership and functioning an economy can be classified into three, that is the…
Q: Mr. Yusuf enjoys economic freedom; He owns a factory which produces steel products. There are no…
A: There are 3 major types of economic system. These are, command economy, capitalist economy and mixed…
Q: what are the three institution of government that protect individuals right in a market economy,…
A: Market Economy Supply and demand, multiple economic forces, govern the creation of goods and…
Q: In planned economic systems, government agencies control both supply and price of the products.…
A: In planned economic systems, government agencies control both supply and price of the products. This…
Q: What are examples of society's widely accepted economic goals?
A: Economic goals: - Economic goals are the desired conditions of the people of a country which improve…
Q: What are the advantages of a free market economy?
A: A free market is a type of market economy where prices for all goods and services are regulated in…
Q: Give one merit and one demerit of a socialist economy?
A: A socialist economy is the one in which all the considered legal production and decisions related to…
Q: What are the types of economic systems? How will you differentiate Command from a Market economy?
A: There is scarcity of resources across the world. These scarce resources undergoes through a…
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- In a market economy?Why study economics?Economics affects nearly everything we do in some way. Someone else has produced most items we consume, or use, in our daily lives, from food to clothes to music to gas for our cars. Chances are, when we purchase these daily items, we don't question the price with the producer. But in the United States, the interactions between the consumers and producers determine quite a lot in terms of business and economics. Think about the items and services that you and your family buy or consume. What causes you to pay the prices that you do for these goods and services? What determines the price that's on the price tag? What goes into determining, or setting, that price? Consider all the possible elements that could influence the prices you pay.
- Positive or Normative?Why do most economies in the world today operate somewhere in between a market economy and a command economy?Choose one of the seven principles of economics that apply to microeconomics. Choose a specific topic that has struck you and explain how it applies to the principle of economics you have chosen.