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- Trade makes both consumers and producers better off. Explain this in detail with all appropriate graphs.
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- The BBC News reported that the war between Ukraine and Russia has resulted in food prices across the world increasing by 30%. Explain two strategy that can be used to mitigate against this economic challenge.Being able to make an item at a lower cost than anyone else can make it is an advantage? True or FalseWhat are some examples of a command economy? Market Economy?
- A popular bakery has only a few ingredients left to make their products. They could bake muffins or cookies, but they can’t make both. The bakers decide to make cookies for their customers. What is the opportunity cost of their decision?The BBC News reported that the war between Ukraine and Russia has resulted in food prices across the world increasing by 30%. Is this a reality for your country and if so explain two strategy that can be used to mitigate against this economic challenge.What markets trade economic resources, list and define each market.
- In rural or urban areas, why some economist suggested that we need to focus on the following sectors: agriculture, manufacturing, commerce and services?Explain the concept of Pareto efficiency and discuss how it can be achieved through trade.why a person would rather live in a market economy or command economy.
- Name the three markets.Three economic questions must be determined in all societies. What are they? What goods will be produced? How will goods be produced? For whom will goods be produced? What is the opportunity cost of production? Does the society have a comparative advantage in production? Will consumers desire the goods being produced? What will the price of each good be? Who will produce each good? Who will consume each good? How much will be produced? When will it be produced? How much will it cost?"As you shop for produce at the local farmer's market, you see many fruits and vegetables being offered by several different suppliers. Yet each supplier charges the same price for these fruits and vegetables." Write a paragraph that describes the characteristics of economic systems that result in the outcome described in the quotation.