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What is an example of productive resources matched correctly?
An example of productive resources matched correctly would be a furniture manufacturing company using wood (natural resource), skilled carpenters (human resource), and machinery (capital resource) to create high-quality wooden chairs. This combination ensures efficient production by utilizing the appropriate materials, labor, and equipment to meet consumer demand effectively.
Give an example of a good or service that government provides to households in exchange for money paymentsmainley taxes?
An example of a good that the government provides to households in exchange for tax payments is public education. Through funding derived from taxes, local, state, and federal governments support public schools, ensuring that children have access to free education. This service benefits households by providing a foundational education, which can enhance future economic opportunities for children and contribute to a more educated workforce.
What kind of good and services does the government provide to the households and businesses list two example?
The government provides various goods and services to households and businesses, primarily focused on public welfare and infrastructure. For households, examples include public education and healthcare services, which ensure access to essential knowledge and medical care. For businesses, the government may offer infrastructure support, such as transportation networks, and regulatory services, including permits and inspections to ensure compliance with safety standards.
What is allocative efficiency and productive efficiency?
Allocative and productive efficiencies are theoretical concepts in economics. Allocative efficiency is achieved in an economy when the distribution or apportionment of resources produces the greatest utility for consumers through its combination of products. For example, and for the sake of simplicity, envision an economy with two products: pizza and robots. In an allocatively-efficient economy, businesses are producing the right amount of each product to make consumers happy. Productive efficiency, on the other hand, is when an economy is using all of its resources efficiently, producing the greatest output for the smallest input. Productive efficiency, on a production possibility frontier, occurs on any points along the curve.
Which example of productive resources is matched correctly Land and surgeon Capital and oil rig Labor and telephone wire Entrepreneurship and rice field?
The correct match of productive resources is "Labor and telephone wire." Labor refers to the human effort used in the production process, while telephone wire is a physical resource utilized in telecommunications, which is an application of labor. The other options do not correctly pair resources with their corresponding categories. For instance, land would not be matched with a surgeon, as a surgeon represents labor, not land.
Which of these could be an example of a money payment made to households by government?
taxes
What is an example of productive resources matched correctly?
An example of productive resources matched correctly would be a furniture manufacturing company using wood (natural resource), skilled carpenters (human resource), and machinery (capital resource) to create high-quality wooden chairs. This combination ensures efficient production by utilizing the appropriate materials, labor, and equipment to meet consumer demand effectively.
Give an example of a good or service that government provides to households in exchange for money paymentsmainley taxes?
An example of a good that the government provides to households in exchange for tax payments is public education. Through funding derived from taxes, local, state, and federal governments support public schools, ensuring that children have access to free education. This service benefits households by providing a foundational education, which can enhance future economic opportunities for children and contribute to a more educated workforce.
What kind of good and services does the government provide to the households and businesses list two example?
The government provides various goods and services to households and businesses, primarily focused on public welfare and infrastructure. For households, examples include public education and healthcare services, which ensure access to essential knowledge and medical care. For businesses, the government may offer infrastructure support, such as transportation networks, and regulatory services, including permits and inspections to ensure compliance with safety standards.
What are examples of limited resources?
Land is an example of a limited resource because we only have so much of it. Ecologically productive land is even more limited because not all land is arable.
What is allocative efficiency and productive efficiency?
Allocative and productive efficiencies are theoretical concepts in economics. Allocative efficiency is achieved in an economy when the distribution or apportionment of resources produces the greatest utility for consumers through its combination of products. For example, and for the sake of simplicity, envision an economy with two products: pizza and robots. In an allocatively-efficient economy, businesses are producing the right amount of each product to make consumers happy. Productive efficiency, on the other hand, is when an economy is using all of its resources efficiently, producing the greatest output for the smallest input. Productive efficiency, on a production possibility frontier, occurs on any points along the curve.
Which example of productive resources is matched correctly Land and surgeon Capital and oil rig Labor and telephone wire Entrepreneurship and rice field?
The correct match of productive resources is "Labor and telephone wire." Labor refers to the human effort used in the production process, while telephone wire is a physical resource utilized in telecommunications, which is an application of labor. The other options do not correctly pair resources with their corresponding categories. For instance, land would not be matched with a surgeon, as a surgeon represents labor, not land.
What is a non-productive asset?
it is a type of asset which does not produce any output.. for example TV is non-productive asset if you use it for home viewing only but it may become productive asset if you start using it to make money, like for example in african villages where the owner charges fees for viewing the movies..
What is a non productive asset?
it is a type of asset which does not produce any output.. for example TV is non-productive asset if you use it for home viewing only but it may become productive asset if you start using it to make money, like for example in african villages where the owner charges fees for viewing the movies..
Using the circular flow model explain why the value of business output of goods and services equals the income of households?
Answer: The circular flow model is a diagram representing the flow of products and resources between businesses and households in exchange for money payments. Flow must distinguished from stocks. Flows are measured in units per time period - for example, dollars per year. Stock is a quantity measured at one point in time. For example, an inventory of goods or the amount of money in a checking account. Initially, we assume that the economy is composed of only two sector, business and household. In this hypothetical economy the business sector is the sole producer of goods and services and production occurs by hiring the factor of production. The household owns all the factors of production (land, labour, capital and entrepreneur). The flow of factor of production is shown by the flow from the household to the firm. We further assume that household are the sole buyers of goods and services and that they spend their entire income. The upper half of the diagram in Figure 1 represents product markets, in which households exchange money for goods and services produced by firms. The supply arrow in the top loop represents all finished products and the value of services produced, sold, and delivered to consumers. The demand arrow in the top loop shows why the businesses make this effort to satisfy the consuming households. When consumers decide to buy products, they are actually voting with their dollars. This flow of consumption expenditures from households is sales revenues to businesses and expenses from the viewpoint of households. Notice that the box labeled product markets contains a supply and demand graph. Price and quantities in individual markets are determined by the market supply and demand model without government interference. The forces of supply and demand determine the returns to the factors, for example, wages and the quantity of labour supplied. The bottom half of the circular flow diagram consists of the factor markets, in which firms demand the natural resources, labour, capital, and entrepreneurship needed to produce the goods and services sold in the product markets. The supply arrow in the bottom loop represents this flow of resources from households to firms, and the demand arrow is the flow of money payments for these resources. These payments also income earned by households in the form of wages, rents, interest, and profits. In the factor market, resources (land, labour and capital) are owned by households and supplied to businesses that demand these factors in return for money payments. Businesses seek profits by supplying goods and services to households through the product markets. Businesses therefore must purchase all resources from the households.
How financial institutions affect households and business?
Financial institutions have affected households and businesses by determining who is eligible for a loan. For example, if someone is not approved for a loan, they would be unable to buy a home or a car.
What form of government is where the principal means of production are owned by the government example?
The form of government where the principal means of production are owned by the government is known as socialism. In a socialist system, the government typically controls key industries and resources, aiming to promote equality and distribute wealth more evenly among the population. An example of this is Cuba, where the state owns and operates most of the economy, including healthcare and education.
