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☆☆☆☆☆Economic system is a system that involves the production, destribution and consumption of goods and services between the entities in a particular society. The economic system is composed of people and institutions, including their relationships to prductive resources. such as through the convention of property. it is the systemic means by which porblems of economics are addressed, such as the economic porblem of scarcity though allocation of finite productive resources.
franchizing :D
No
True.
yes
Derived demand occurs when there is a change of customers' demand on particular product and produces have to buy new production equipment, which means that the change in consumer demand for a product affects demand for all firms involved in the production of that product.
Joint demand has nothing to do with changing the production equipments. In this case, demand of the product depends on demand of its compliment. For example, demand on inc depends on demand on printers.
- dishwasher
- dehumidifier
- dishes
False
Economics is a collective term. It is used in the singular.
In a free-market system, the goods consumers should buy is whatever goods they wish to buy.
Which level does macroeconomics focus on?
Perfect Compitition.
Engineering careers, physicists, mathematicians, economists.
essential-needed to survive
luxury-wanted
simile......
The two subfields of economics are positive statements and normative statements.
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.
Which of the following statements about racial groups in the U.S. is true?
gross domestic product
The product market is the market in which firms sell their output of goods and services.
Producers make the goods and consumers buy and use the goods.
how can consumers use consumer protection laws to prectect themselves in the marketplace
In order to know which of the following is not an economic goal that influences how societies answer the three key economic questions one would need to know the answer choices.
