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What are the rules of households and firms in a market economy?
In a market economy, firms make the goods. Households buy the goods.
In a free market economy firms purchase from households?
In a free market economy, firms purchase factors of production such as labor, from households.
Explain the connection between householdsand firms in the economy?
The connection between households and firms in the economy stems from the fact that consumers in this case households work for firms to earn wages as the company makes profits due to increased production.
In the actual economy goods and services are purchased by?
households and the government but not the firms.
What circular flow models assumes the economy consists of which sectors?
households and firms
What are the roles of households and firms in the market economy?
in a market economy, firms make the goods. Households buy the goods
What are the rules of households and firms in a market economy?
In a market economy, firms make the goods. Households buy the goods.
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 are the roles of household and firm in a market economy?
Consider an economy consisting of households and firms which interact in two markets i.e. the goods and services market in which firms sell and households buy; and the labor market in which households sell labor to business firms or other employees. Required: Illustrate the above economy on a diagram
What are the roles of households and firms in a market?
Consider an economy consisting of households and firms which interact in two markets i.e. the goods and services market in which firms sell and households buy; and the labor market in which households sell labor to business firms or other employees. Required: Illustrate the above economy on a diagram
What are the roles of household and firms a market economy?
in a market economy, firms make the goods. Households buy the goods
Explain the connection between householdsand firms in the economy?
The connection between households and firms in the economy stems from the fact that consumers in this case households work for firms to earn wages as the company makes profits due to increased production.
In the actual economy goods and services are purchased by?
households and the government but not the firms.
What circular flow models assumes the economy consists of which sectors?
households and firms
In a market economy who makes the decisions that guide most economic activity?
firms and households
In a free market economy the factor market involves which type of exchange?
a. the goods and services that households produce are purchased by firms.b. firms purchase factors of production from householdsc. Households purchase factors of production from firmsd. firms loan money to households to purchase capital
What is micro economic in principle of economic?
Microeconomics is the study of a section of the economy rather than the economy as a whole (which is macroeconomics). Microeconomics is more concerned with the allocation of scarce resources and the elasticity (sensitivity) of consumers and producers at the level of households and firms. In other, more simple words, it is the laws of supply and demand. The study of individual firms and individual households in a market.
