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What do most economists believe is the most efficient way to allocate resources in an economy?
Most economists believe that the most efficient way to allocate resources in an economy is through a market-based system, where prices are determined by supply and demand forces. This allows resources to flow to where they are most valued and needed, leading to optimal allocation and efficiency.
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Why do environmentalist and economists clash?
As with most arguments, this is a complex disagreement. Environmentalists believe that it is a company's duty to preserve the environment. Even though a company might have to pay more, it should opt for using renewable energy, recyclable materials, or more efficient machinery. However, economists believe that trying to minimize one's carbon footprint will be a financial disadvantage. They think that even though "green" techniques will benefit the environment, it will cost the company more, and it will lessen their profits. Thus, as companies try to find the balance between environmentally-friendly and cost-efficient, environmentalists and economists continue to battle it out.
Using examples of land labor and capital explain why economists believe that all goods and services are scarce?
Economists believe that all goods and services are scarce because all the resources used to create them are scarce. It's like a cycle. Land is all the natural resources that create all the goods and services, if this is scarce then there would be no coal or oil to fuel machines that help keep the natural resources going (capital). If there are no machines to work with then the job becomes hard for workers to do, meaning very few people would do such a job (labor). It's all a cycle of limited resources.
Do most economists believe that money neutrality has a significant impact on the economy?
Most economists believe that money neutrality, the idea that changes in the money supply do not affect real variables like output and employment in the long run, has a significant impact on the economy.
Some economists believe fiscal policy and monetary policy do not work very well.?
True
What do economists look at to measure a nation's overall performance in the global economy?
i believe its balance of trade
What do most economists believe about the future of the business cycles?
Most economists believe the future of business cycles will continue to ebb and flow. They believe business cycles will continue to drive the economy.
Why do environmentalist and economists clash?
As with most arguments, this is a complex disagreement. Environmentalists believe that it is a company's duty to preserve the environment. Even though a company might have to pay more, it should opt for using renewable energy, recyclable materials, or more efficient machinery. However, economists believe that trying to minimize one's carbon footprint will be a financial disadvantage. They think that even though "green" techniques will benefit the environment, it will cost the company more, and it will lessen their profits. Thus, as companies try to find the balance between environmentally-friendly and cost-efficient, environmentalists and economists continue to battle it out.
Using examples of land labor and capital explain why economists believe that all goods and services are scarce?
Economists believe that all goods and services are scarce because all the resources used to create them are scarce. It's like a cycle. Land is all the natural resources that create all the goods and services, if this is scarce then there would be no coal or oil to fuel machines that help keep the natural resources going (capital). If there are no machines to work with then the job becomes hard for workers to do, meaning very few people would do such a job (labor). It's all a cycle of limited resources.
What do the Keynesians believe about the private sector?
As noted above, it is the so-called Keynesian economists who believe that the private sector is inherently unstable.
Do most economists believe that money neutrality has a significant impact on the economy?
Most economists believe that money neutrality, the idea that changes in the money supply do not affect real variables like output and employment in the long run, has a significant impact on the economy.
Some economists believe fiscal policy and monetary policy do not work very well.?
True
What do economists look at to measure a nation's overall performance in the global economy?
i believe its balance of trade
To what economic principle does the classical economist most ascribe?
Classical economists primarily ascribe to the principle of free markets and the idea of self-regulating economies. They believe that supply and demand dynamics naturally determine prices and allocate resources efficiently without the need for government intervention. This perspective emphasizes the importance of individual choice and competition in driving economic growth and innovation. Key figures, such as Adam Smith, advocate that individuals pursuing their self-interest ultimately benefit society as a whole.
When does politics emerge according to many political scientists?
Politics often emerges when individuals or groups have competing interests or goals that need to be addressed through decision-making and governance. Many political scientists believe that politics emerges as a way to manage conflicts and allocate resources within a society.
When economists use the term laissez-faire what economic idea are they referring to?
Laissez-faire refers to an economic philosophy advocating minimal government intervention in the marketplace. It emphasizes that free markets, driven by supply and demand, are the most efficient means of allocating resources and promoting economic growth. Proponents believe that allowing individuals and businesses to operate freely will lead to innovation and prosperity, while government interference can disrupt natural economic processes.
Who do Most economists believe that the main credit for bringing inflation under control in the early 1980s belongs to?
Congress
After the fall of the economy in 1929, what did classical economists believe to be the solution to the Great Depression?
wait for the economy to achieve equilibrium
