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What is the distinction between an intermediate good and a final good in the context of economic production and consumption?
An intermediate good is a product used in the production of another good, while a final good is a product that is consumed by the end user. Intermediate goods are not sold directly to consumers, but are used in the production process to create final goods that are sold to consumers for consumption.
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What is economic mode?
A state of equilibrium in the production of goods and services within the economic parameters in consumption,investments,savings and the forces of supply and demand for production.
Define economic system?
is the system of production,distribution and consumption of goods and services of an economy
When is economic surplus maximized?
when the marginal benefit of consumption is equal to the marginal cost of production.
How did Karl Marx view consumption?
Karl Marx attempted to refine the economic term of consumption. He began his views on this by stating that consumption produces production. Additionally, Marx added that consumption produces production in two ways:* A product becomes a real product only through consumption; and* Consumption creates the need for new production.As an aside, Marx's economic and political ideas were not commonly accepted by economic and political thinkers of his day in the middle of the nineteenth century.
How does a society answer the three economic questions about the production and consumption of good and services?
Its answer is based on the importance it attaches to various economic goals and societal values.
What is having to do with the production distribution and consumption of wealth?
Economic
What are universal economic constants?
The Universal Economic Constants are Production, Investment, Savings and Consumption.
What is economic theory another name for?
An economic theory is a theory that has to do with the production, distribution and consumption of goods and services.
What is economic mode?
A state of equilibrium in the production of goods and services within the economic parameters in consumption,investments,savings and the forces of supply and demand for production.
Define economic system?
is the system of production,distribution and consumption of goods and services of an economy
When is economic surplus maximized?
when the marginal benefit of consumption is equal to the marginal cost of production.
How did Karl Marx view consumption?
Karl Marx attempted to refine the economic term of consumption. He began his views on this by stating that consumption produces production. Additionally, Marx added that consumption produces production in two ways:* A product becomes a real product only through consumption; and* Consumption creates the need for new production.As an aside, Marx's economic and political ideas were not commonly accepted by economic and political thinkers of his day in the middle of the nineteenth century.
How does a society answer the three economic questions about the production and consumption of good and services?
Its answer is based on the importance it attaches to various economic goals and societal values.
How does a society answer the three economic questions about the production and consumption of goods and services?
Its answer is based on the importance it attaches to various economic goals and societal values.
How does the society answer three economic questions about the production and consumption of good and services?
Its answer is based on the importance it attaches to various economic goals and societal values.
What economic system in which decision on production and consumption of goods and services are based on voluntary exchange in market?
The Market
What is the tool for analyzing the production distribution and consumption of the good and services?
Economic analysis is need for analyzing the production, distribution and consumption of goods. This allows a group or business understand what goods are the most needed and sell the best.
