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What is division of labor and why is it important in the free market?
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In a free market economy firms purchase from households?
In a free market economy, firms purchase factors of production such as labor, from households.
What is provided by the consumers in the circular flow of the free market?
labor and investment
Which of these is most important in a free-market system?
The laws of supply and demand are the most important factors in a free-market system.
What is a restriction on both workers and producers that keeps the labor market from being a completely free market?
the minimum wage
What are the restriction on both workers and producers that keeps the labor market from being a completely free market?
the minimum wage.
In a free market economy firms purchase from households?
In a free market economy, firms purchase factors of production such as labor, from households.
What is provided by the consumers in the circular flow of the free market?
labor and investment
Which of these is most important in a free-market system?
The laws of supply and demand are the most important factors in a free-market system.
What is a restriction on both workers and producers that keeps the labor market from being a completely free market?
the minimum wage
What are the restriction on both workers and producers that keeps the labor market from being a completely free market?
the minimum wage.
Which of the following is a restriction on both workers and producers that keeps the labor market from being compleatly free market?
The minimum wage
What Best explains the effect of immigration in the labor market?
buy one get one free
What states one reason why the labor market isn't a completely free market?
Workers can't always change jobs when they want to.
In order for a free country to specialize its production what must there be?
There must be an international division of labor for a country to specialize its production.
Which is the market philosophy of the Chicago School of Economics?
Labor laws, drug laws, taxes, tariffs, and regulations in the U.S. interfere with the free market.
What explains one of the restrictions on producers that keeps the labor market from being a free market?
workers aren't always available where they're needed.
What is one of the restrictions on producers that's keeps the labor market from being a completely free market?
The fact that workers don't always have the education required to perform certain jobs is one restriction on producers that keeps the labor market from being a completely free market. Another is that there will always be some level of government restrictions/laws regarding production.
