Describe "the value chain" and illustrate with an example.

Scarcity is a problem because... Group of answer choices There are not enough resources to produce all the goods and services people want to purchase. There are only small quantities of resources available on earth Not everyone has the same amount of resources, such as land and labor Unemployment exists, and therefore some people do not have enough resources to meet their basic needs.

Explain the Market System. Give an in-depth example of a Market System. Explain the Planned System. Give an in-depth example of a Planned System.

"Innovation by the Entrepreneur" argued Schumpeter, leads to gales of "creative destruction" as innovations cause old inventories, ideas, technologies, skills, and equipment to become obsolete. The question is not "how capitalism administers existing structures,…[but] how it creates and destroys them." This creative destruction, he believed, causes continuous progress and improves the standards of living for everyone." Joseph Alois Schumpeter, 1883-1950Links to an external site. In terms a little more modern than Shumpater's, Dr. Abhijeett Desai explains that the predominant form of innovation can look disruptive, but is, in fact, transformational innovation. Explore Dr. Desai's thinking in Transformative Innovations vs. Disruptive InnovationLinks to an external site..

Economic Models? a. are essential representations of the real world b. are used to explain how people think c. are never used for making economic projections or predictions d. are used to explain how people behave

Name the three main economic markets, and describe how an individual might participate in each one as a buyer or a seller  

a.   A 5 percent fall in the unemployment rate will lead to a 2 percent increase in the inflation rate" b.   "Pollution in developing countries is one of the biggest global environmental problems" 3,Which of the these  statements is an example of "positive" economics 4.Which of these statements in an example of :normative "economics"