Distinguish between the resource market and product market
Distinguish between the resource market and product market in the circular flow model. In what way are businesses and households both sellers and buyers in this model? What are the flows in the circular flow model?
Expert
The resource markets are where the owners of the resources (the households) sell their resources to the buyers of the resources (businesses). In the merchandise markets, businesses sell the goods and services they have produced to the buyers of the goods and services, the households. Households (individuals) either own all economic resources directly or own them indirectly through their ownership of business corporations. These households are willing to sell their resources to businesses because attractive prices draw them into specific resource markets. Businesses buy resources because they are necessary for producing goods and services. The interaction of the buyers and sellers establishes the price of each resource.
In the product market, businesses are the sellers and householders are the buyers; their role in the market has been reversed. Each group of economic units both buys and sells. One flow is the flow of real goods and services (including resource services) and the other flow is the flow of money (revenue, money income, production costs, consumption expenditures).
Briefly explain the term leverages?
Illustrate major economic flows that link U.S. with nations. Provide an example to illustrate each flow. Explain the relationship between the top and bottom flows.
For rapid growth of world trade what are the factors of account since the Second World War?
Is Eiteman & Guthrie’s empirical evidence on the shape of the average total cost curve consistent along with heterodox cost theory? Discuss it out.
Illustrate Competition among buyers and sellers is a controlling mechanism?
Illustrate how Microeconomics looks at specific economic units?
Lets assume an infinitely repeated prisoner’s dilemma game by two players. The resulting payoffs at each phase by the actions of two players are illustrated below in the table (payoffs are symbolized like (payoff for player 1, payoff for player 2)). Two players
Question: "Things will look good for the US if we could just get to where we are consistently running a positive Balance of Payments." Briefly comment on this
Write down the steps carried out for proper control on capital budgeting process?
Describe unequal burdens of unemployment exist?
18,76,764
1942628 Asked
3,689
Active Tutors
1438271
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!