What determines whether a good is “capital” or a “consumer good”?     How it is purchased: with business funds or with personal funds     How it is used: to produce further wealth, or to be consumed     Where it is located: in a home or in a business     Where it is purchased: from a wholesaler or from a retailer     Who uses it: the person buying it or an employee of theirs

Q: Discuss scarcity, what role does do it play in determining prices

A: Scarcity is the situation of shortage that arises due to limited resources and unlimited wants.

Q: According to the principle of , consumers determine what is produced in the economy through their…

A: Consumer behavior is the study of what motivates people and businesses to buy particular things and…

Q: Which of the following are an example of a final good?  Group of answer choices a) Oven bought by a…

A: The final good is good which used by the final consumer and not used as a component for another…

Q: According to a simple circular-flow diagram, how many markets do households and firms interact in?…

A: A simple circular flow diagram represents the interaction between economic decision-makers and…

Q: The four factors of production that produce economic activity are ______. a. Corporations, small…

A: Factor of production refers to the inputs needed for the creation of commodity or services

Q: An economy is based on three sectors, agriculture, manufacturing, and energy. Production of a…

A: The input-output analysis represents how much input is required in each sector to produce a certain…

Q: When you take a loan from a bank, this is an example of what? Financial economics Home economics…

A: Economics is a part of social studies that is further classified into different sections such as…

Q: efine what is meant by market economy and identify its three required features

A: Market Economy refers to the economy where market demand and market supply are the major elements…

Q: a) Can you identify and explain your family’s interaction in the market for factors of production…

A: The circular flow of money explains how money and goods are circulated between the household sector…

Q: 3. Jets (hundreds per month) 19. In the above figure, which of the following is true regarding the…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: What is your opinion on the idea that a persons income and wealth in American society today is…

A: The economic performance of the country would be determined by the national income or the output.…

Q: Draw a circular-flow diagram. Identify the parts of the model that correspond to the flow of goods…

A: Circular-flow diagram: It shows the flow of income and flow of goods and services between different…

Q: Explain, how does the economy as a whole works? And which economic agents are of the greatest…

A: The economy works on the principle of exchange. A series of exchange of goods, money, and services…

Q: Which of the following topics would be studied in a microeconomics course? a. how rent prices impact…

A: Microeconomics: Microeconomics is a part of financial aspects that reviews the conduct of people and…

Q: 10) In the above table, the production of 3 pissas and 80 cases of se is A) impossible unless more…

A: Since we only answer up to 3 parts, we’ll answer the first 3. Please resubmit the question and…

Q: Explain each of the factors of production and provide examples of each. (need to be clear and…

A: Production refers to the process of combining various resources (material and immaterial inputs) in…

Q: An economy is based on three sectors, agriculture, manufacturing, and energy. Production of a…

A: Answer: The technology matrix (M) and the final demand matrix (D) will be as given below:…

Q: Which central problem of an economy is concerned with the selection of goods and services to be…

A: The Central problem we consider while studying economics are what to produce, How to produce and the…

Q: economy is based on using resources. We sell resources and use resources to manufacture and…

A: We use natural assets to run organizations and in our regular daily existences. Is this useful for…

Q: Which one of the following is an example of the economic activity of consumption? An automobile…

A: Option (2).

Q: Economy can be represented by economic models. One of the models we use to understand economy is a…

A:

Q: What is the difference between an economy based on individualism and an economy based on…

A: OVERVIEW OF ECONOMIC INDIVIDUALISMEconomic individualism is based on the belief that the government…

Q: How to classify goods as consumption goods and capital goods? Is there any specific way to do so?

A: If the good is capable of satisfying the human wants directly then it is referred to be as…

Q: According to the principle of , consumers determine what is produced in the economy through their…

A: Consumers are the people who demand goods and services for consumption and are willing to pay a…

Q: An economy is in a state of productive efficiency, when it distributes fairly the goods and services…

A: Productive efficiency is defined as an economic concept that states about producing the maximum…

Q: What is economics most concerned with? keeping interest rates low O making money allocating scarce…

A: What is economic most concerned with.

Q: imagine that you are a barber in a world without money.Explain why it would be tricky to obtain…

A: Barter system: Goods and services are exchanged in return for other goods and services under this…

Q: The study of microeconomics and macroeconomics differ in that: O a. microeconomics examines the…

A: Microeconomics is the study of individual market of the economy, focusing on consumer behaviour,…

Q: Explain the difference between a free good and an economic good.

A: In economics, goods are products that meet human desires and give utility, such as a gratifying…

Q: modern capitalist societies, use value of house is subordinate to exchange value of house. What does…

A: Value: Exchange and Use Value For Marx (1996, 1993) the worth of an item has two important, however…

Q: Economists refer to the inputs that firms use to produce goods and services as a. derived factors.…

A: Using definition of each and every option. a. Derived factors used to define the eligibility of a…

Q: Based on this model, households earn income when purchase in markets for factors of production.…

A: Factors of production refer to the inputs used to produce goods and services. Labor is an example of…

Q: Economists typically assume that when making​ decisions, the owners of firms wish to maximize   A.…

A: The term "profit" may bring pictures of cash to mind, but to economists, profit encompasses…

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: Explain this, Instead of utilizing humans to produce wealth, we have to utilize wealth to produce…

A: Human capability refers to the set of various functioning skills that an individual possesses in…

Q: What are economic resources? What categories do economists use to classify them? Why are resources…

A: Economics is the study of how scarce resources are allocated to satisfy maximum human wants. Human…

Q: conomy can be represented by economic models. One of the models we use to understand economy is a…

A: Circular-flow of income The circular flow or circular-flow of income is a model of the economy in…

Q: Goods and services can be classified as four folders, what are the four folders? Please explain…

A: The goods and services can be classified as four folders which are convenience goods, shopping…

Q: In which kind of market, the consumer gets benefitted and why

A: The markets are the place where the buyers, and the suppliers of the goods, services and other…

Q: Explain how households and firms interact in the factor market and in the product market

A: Market: It is an arrangement between buyers and sellers for exchanging goods and services for money.…

Q: In a market economy, (b) firms decide whom to hire and what to make. (a) households decide which…

A: Ans) the correct option is c) Both a and b are correct.

Q: Q13. The model that economists use for illustrating the process of individual choice in a situation…

A: Opportunity set: It shows all the possible combinations of consumption.