Command economies - Study guides, Class notes & Summaries

Test Bank for Microeconomics, 3rd Canadian Edition 3ce by Glenn Hubbard, Anthony Patrick OBrien. Full Chapters test bank included 1 Economics: Foundations and Models Economics in Your Life and Career: How Much Will You Pay for a Cup of Coffee? Three Key Economic Ideas People Are Rational People Respond to Incentives Apply the Concept: Does Canada’s Health Care System Contribute to Obesity? Optimal Decisions Are Made at the Margin Solved Problem: 1.1 Binge Watching and Decisions at...

What is an economy? correct answers a set of social arrangements that answers three fundamental questions: 1. what is produced? 2. how is it produced? 3. for whom is it produced? Thus, economics is the study of the production, distribution and consumption of goods and services Economics correct answers the study of the production, distribution and consumption of goods and services Market correct answers an institution that brings together buyers and sellers of goods or services, who may...

Profit correct answers revenues - expenses Factors of Production correct answers resources a business needs to produce g/s includes; labour, entrpreneurs, natural resources, capital, information economic system correct answers the way that a nation allocates its resources command economy correct answers government controls all/most FOPs and makes all/most production decisions includes communism and socialism communism correct answers where a government owns/operates all industr...

what is economics? - - the study of how people choose to allocate their scare resources - what and how choices are made - how the market system functions inflation - all costs of goods and services increase demand-pull inflation - incomes increase but supply remains constant cost-push inflation - production costs increase therefore costs increase recession - - slowdown in economic activity - 2 consecutive quarters of negative economic growth as measured by a country's GDP economies of s...

Law - Answer-made up of rules laid down by state and backed by enforcement -written social force -mean nothing w/o enforcement Rule of Law - Answer--laws are made generally and apply to everyone equally -necessary for strong and diverse economies -transparency in business Property - Answer-ownership-allows you to exclude others without your permission Common Property - Answer-resources like land that multiple people own Contract Law - Answer-enables an owner to exchange resources...

WGU D080 study for OA With Complete Solutions ACTUAL EXAM Q&A Graded A+ Latest Update 2023/2024 What is globalization? as international integration arising from the exchange of world views, products, ideas, and other aspects of culture. What is Culture Globalization? refers to the transmission of ideas, meanings, and values around the world in such a way that extends and intensifies social relations. What is Political Globalization? Refers to the emergence of an increasing number o...

AP Comparative Government: Key Terms and Concepts Authoritarian - Correct Answer A system of government in which decisions are made by political elites, without much input from citizens. They may be ruled by a single dictator, a hereditary monarch, or a small group of aristocrats or a single political party. Ex) The Soviet Union was an authoritarian regime under the Communist Party, as was England prior to 1215, when the monarch had absolute authority. Command Economy - Correct Answer Econom...

International Business Midterm (Ch 1-8) Rated A+ globalization the shift towards a more integrated and inter-depended world economy Globalization is occurring in 2 parts: 1) Globalization of markets 2) globalization of products General Agreement on Tariffs and Trade (GAFF) a trade agreement between the Allied nations after WWII World Trade Organization (WTO) the world forum for international trade International Monetary Fund (IMF) International institution that provides loans...

a term referring to the fact that for many goods, as the level of production increases, the average cost of producing each individual unit declines correct answers economics of scale the basic difference between macroeconomics and microeconomics is correct answers microeconomics concentrates on the behavior of individual consumers & firms while macroeconomics focuses on the performance of the entire economy because of their relatively small national economies, which of the following is mos...

Define business correct answers an organization that produces or sell goods/services to make a profit How is profit calculated? correct answers Revenue - Expenses What is a non-profit organization? correct answers organizations that do not try to make profit. Instead their funds are from government grants or sale of products/services to provide services to the provide what is an economic system? correct answers the way in which nations distributes its resources among its citizens why...