Factors of production and the method used to coordinate
Who owns the factors of production and the method used to coordinate economic activity?
Expert
A. The market system:
1. There is private ownership of resources.
2. Markets and prices coordinate and direct economic activity.
3. Each participant acts in his or her own self-interest.
4. In pure capitalism the government plays a very limited role.
5. The government plays a generous role in the U.S. version of capitalism
B. Command economy, socialism or communism:
1. There is public (state) ownership of resources.
2. Economic activity is coordinated by central planning.
Describe the types of multiplant firms?
What are the determinants of demand?
Illustrate the rate of exchange of two products?
While productive resources are utilized efficiently: (w) prices greatly exceed production costs for current outputs. (x) opportunity costs are at their minimums for all goods. (y) domestic production exceeds the value of foreign output. (z) the value
Illustrate how Microeconomics looks at specific economic units?
What are the criteria of issuing stocks or bonds?
Illustrate the 4th role is the reallocation of resources?
Briefly describe Net income approach? Named who recommended this theory?
One early involvement of Adam Smith to the theory of gains by international trade, although later thoroughly revised and refined through David Ricardo, was the conception of: (1) mercantilism. (2) absolute advantage. (3) comparative a
9. The following table shows annual sales data for Stuff Happens, Inc., over the ten-year 1998-2008 period: Year Sales ($ Millions) 1998 $2.0 1999 2.2 2000 2.4 2001 2.6 2002 2.8 2003 3.0 2004 3.2 2005 3.5 2006 3.8 2007 4.1 2008 4.3 A. Calculate the 1998-2008 growth rate in sales using
18,76,764
1949283 Asked
3,689
Active Tutors
1436198
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!