conomics what are planned economy systems and how are they different?

Q: What is economy type does the United States have?

A: The U.S. is highly developed country and has a mixed economy. The U.S. economic system features…

Q: Open ECON EVERYDAY and then choose one article. Summarize, relate, and react to what you have read.…

A: ***Since external citations or links cannot be used in the answer as per guidelines, so the expert…

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 characteristics of a good and prosper economy?

A: A society's or a region's system for producing, consuming, and distributing products and services is…

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: Discuss how the concepts in microeconomics can be applied to real-world situations and increase your…

A: Microeconomics is the study of economics at a level where the individuals or the organizations make…

Q: What is important of studying economics? Give two good examples how the knowledge can help you in…

A: No subject of the current day is so significant as the study of economics. economics oversees the…

Q: What will be produced in economic and how it will be produced?

A: The economic questions arise because of the scarcity of resources and the unlimited wants. Economies…

Q: How might the quality of life ultimately be determined and measured?

A: Standard of living is the level of comfort, necessities, material goods, and wealth available to the…

Q: What is the main purpose of Utopia’s economy?

A: A particular place/society, that is almost perfect in every way possible, presented hypothetically,…

Q: Write a summary of the fundamental concepts of economics.

A: The objective of this question is to provide a summary of the fundamental concepts of economics.…

Q: Much of modern economic thought believes people to be, generally speaking, rational and…

A: Almost all the major economic theories are based upon assumptions which are necessary to hold them…

Q: A summary of The Four Factors of Production?

A: The four factors of production are land, labor, capital and entrepreneurship. These are the…

Q: Why studying economics is fun and why it is useful in personal level?

A: The study of how individuals, groups, and nations manage and use resources is at the heart of…

Q: Economics State the basic problems in problems. What does each problem mean?

A: Introduction Economics is the study of how individuals and society decide to make use of scarce…

Q: What is the main difference between free-market systems and planned systems?

A: A market is a gathering area where people can come together to exchange products and services.…

Q: Imagine yourself to be the owner of a large tract of agricultural land. You want the land to be…

A: Fixed rent contract In fixed rent contract , landlord charges fix sum of money, per year or per…

Q: Now that we've talked a little about what economics is, let's consider the concept of value. When we…

A: Circular flow of money shows how money moves within society, from producer to laborer in form of…

Q: What is economics, and how can you benefit from understanding basic economic concepts

A: Economics: Economics matters by investigating how people settle on choices despite the shortage.…

Q: What are Traditional Society, Command Economy, Market Economy, and Mixed Economy? Which is best?

A: When a certain good is manufactured, cost  takes place and process of business follow ups. Business…

Q: Why do entrepreneurs have trouble remaining objective when writing their business plans?

A: Some entrepreneurs fail to plan proper business plans as they don't want to test their ideas too…

Q: Can you think of other situations where scarcity might affect the stability of a company?

A: As a good is produced, different costs are incurred by a firm and process of business follow ups.…

Q: Write a theory section on SWOT and include what knowledge SWOT gives

A: In order to assess their internal and external surroundings, businesses, governments, and non-profit…

Q: Which economic system works best for societies?

A: An economic system is a system that determines the production and distribution of goods and…

Q: Reflect on the concept of utopia (see Chapter 5) Using course materials and what you have learned in…

A: In a utopian society, the political system would prioritize equality, justice, and participation. It…

Q: What are three basic economic questions?

A: Economics is the subject that studies how to allocate the limited resource between the unlimited…