Economic resources in a market system are allocated to their most productive use through market prices.
What is the economic resource?They serve as the raw material for the creation of other types of capital. They promote taxation, income, and the fight against poverty. Natural resource-related industries create jobs and are frequently the backbone of the economies of poorer towns.
Land, labour, capital, and entrepreneurial skill are the four main economic resources, also known as production components. Land refers to any natural resource used in the manufacturing process, including what is visible on the surface.
Markets coordinate all factors of production and consumption in market economies, and property rights form private ownership of resources. In a market economy, resources are distributed to the use that will maximise their productivity using market prices.
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Describe how the distribution of your monthly payment towards the principal and interest changes over time for a mortgage
Over the long run, as you pay down the head, you owe less interest every month, because your credit balance is lower. In this way, a greater amount of your regularly scheduled installment goes to settle the head.
Close to the furthest limit of the credit, you owe considerably less interest, and the greater part of your installment goes to take care of the remainder of the head.
A home loan installment is ordinarily comprised of four parts: head, interest, expenses, and protection. The Chief part is the sum that squares away your exceptional credit sum. Premium is the expense of getting cash.
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Autocratic managers tend not to _____.
Answer:
Autocratic managers don't entertain any suggestions or consider initiatives from subordinates. This style of management is effective for quick decision making but is generally not successful in fostering employee engagement or maintaining worker satisfaction.
Explanation:
Interview a local buine owner. Find out what he or he feel about government regulation that affect hi or her buine. Ak how the buine owner would change government policie and program
The state or region's growth can be promoted entrepreneur by the government through economic development initiatives.
Numerous laws and regulations are created by governments to direct corporations. Taxes, trade, subsidies, regulations, interest rates, licencing, and other policies can all change as a result of changes in fiscal policy, which the government can implement. To adapt to shifting laws and regulations, businesses should be adaptable.
Governments can enact tariffs, which increase taxes to imported goods, or subsidies, which raise prices and make native goods more appealing by taxing the general public and transferring the money to an industry. Increased levies, fees, and regulations can cripple businesses or entire industries.
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Why are there many more mixed market economies than command economies in the world today?.
Today's globe has more mixed market economies than command economy because more economic systems are designed to provide producers and consumers the flexibility to make economic decisions.
As far as how economic activity is organized, market economies and command economies are the two complete opposites. Who controls the production factors and the procedures that set pricing is the main area of distinction. The goal of mixed market economies is to preserve as much economic discretion as feasible. The management and regulation of the economy are largely outside the purview of these governments.
Governments that heavily control the economy are associated with command economies, which are more concerned with maintaining and requiring equitable chances. In a market economy, activity happens at random. It is not governed by a centralized body; rather, the supply and demand for products and services decide it. As an alternative, a command economy is one in which all sources of production are controlled by a centralized government that controls most, if not all, firms.
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Which of the following describes the marginal product of labour?
a.
the increase in output obtained from a one-unit increase in labour
b.
the increase in labour necessary to generate a one-unit increase in output
c.
the additional profit created with a one-unit increase in labour
d.
the additional cost created with a one-unit increase in labour
Correct answer will be option A. Marginal product of labor is the increase in output obtained from a one-unit increase in labor.
The marginal product of labor (MPL) is the transition in outcome that ultimately resulted from employing an additional unit of labor in economics. It is a characteristic of the production function and is determined by the amount of tangible capital and labor already in use. The marginal product of a production factor is usually defined as the variation in amount of variance by a unit or insignificantly small change in the amount of that factor used while going to hold all other input usages constant in the production process. The transformation in outcome (Y) per unit increase in labour is then the marginal result of labor (L).
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compared to north american ranchers, commercial ranchers in the pampas of argentina, uruguay, and southern brazil are more likely to
Compared to north American ranchers, commercial ranchers in the pampas of Argentina, Uruguay, and southern brazil are more likely to raise livestock primarily for export.
The commercial ranchers of Argentina mostly raise livestock in which they could export them to other countries in contrasts to the ranchers from the North America. In addition, it has been one of the primary industries of Argentina and one of its well known goods from these ranches is the corned beef. Abundant water is essential for lowland rice production in Argentina. Shifting cultivation and nomadic herding are two agricultural types that occupies largest percentage of the Argentina's total land area.
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how can national insurance affect a pharmacy business?
Answer:
Achieving universal health coverage will require robust private sector engagement; however, as many low- and middle-income countries launch prepayment schemes to achieve universal health coverage, few are covering products from retail drug outlets (pharmacies and drug shops). This case study aims to characterize barriers and facilitators related to incorporating retail drug outlets into national prepayment schemes based on the experience of the Tanzanian National Health Insurance Fund’s (NHIF) certification of pharmacies and accredited drug dispensing outlets.
The invisible hand ensures that economic prosperity is distributed equally. a. True b. False
True : The invisible hand ensures that economic prosperity is distributed fairly.
What is Invisible Hand in Business ?The invisible hand ensures equitable economic success. A "market failure" occurs when the market fails to distribute resources in an efficient manner. Productivity is defined as the amount of goods and services produced per unit of labour input. Inflation raises the value of money.
Through a network of interconnectedness, the metaphor of the invisible hand describes how self-interested people behave in a free market economy. Because of this dependency, producers are encouraged to produce what is socially necessary, even if they are only concerned with their own personal well-being.
The invisible hand theory contends that if everyone in the system acts in their own best self-interest, the outcome will be in the best interests of the economy without any outside intervention. The results will always be superior to those of a centrally planned and governed economy.
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What are the 3 main economic systems that are used today?.
Answer:
Free market
Command
Mixed
which financial aid program is needs-based and pays wages up to a certain number of hours?
A work-study program is a sort of financial aid program that is needs-based and provides earnings up to a set number of hours. Option B is the right answer.
The Work-Study program, formerly known as the College Work-Study Program, is a federally financed program in the United States that aids students with the costs of post-secondary education.
This is a "need-based" part-time job program that allows students to earn money to help pay for their education. The award notification amount is the maximum amount that can be earned through the FWS program.
FINANCIAL AID is money given to students to help them achieve their educational goals. Federal Student Aid is an office of the United States Department of Education that distributes financial aid to students each year through federal grants, loans, and work-study funds.
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A customer uses a store credit card to purchase a boat for $10,500. the store credit card offers an annual interest rate, compounded continuously, of 18.99% with no payments due for the first two years. if no payments are made for the two years, what will be the balance on the card, rounded to the nearest penny?
$15350.92 is the balance on the card, rounded to the nearest penny .
Continuously adding interest to the principle amount This interest rate gives a time period exponential development.
continuous compound interest rate formula;
P0 is the principal amount, r is the interest rate, and t is the time period, so P(t) = [tex]P_{0}[/tex] [tex]e^{rt}[/tex] .
Given:
A consumer spends $10,500 on a boat using a shop credit card.
The store credit card offers a continuous annual interest rate of 18.99% with no payment requirements for the first two years.
That implies,
[tex]P_{0}[/tex] equals $10,500, r is 18.99, and t is 2.
So,
P(t) = P₀[tex]e^{rt}[/tex]
By changing the values,
P(t) = (10500) [tex]e^{(0.1988)(2)}[/tex]
P(t) = (10500)(1.46199)
P(t) = 15350.917
P(t) = $15350.92
As a result, the total is $15350.92.
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Which statement is the BEST example of a point of view opposed to free trade?
A. Mutually lowering tariffs produces gains on both the supply and demand side.
B. Skilled worker migration works to reduce poverty.
C. Sheltering young industries allows them to grow and compete with foreign competitors.
D. Comparative advantage benefits developing nations.
Answer: A. Mutually lowering tariffs produces gains on both the supply and demand side.
Explanation: This shows this because if you lower tariffs trade becomes more common.
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Answer: C. Sheltering young industries allows them to grow and compete with foreign competitors.
Explanation:
what are common work contexts for Nursery and Greenhouse Managers? Check all that apply.
exposed to disease or infections
exposed to high places
outdoors, exposed to weather
freedom to make decisions
responsible for others’ health and safety
deal with physically aggressive people
The common work contexts for Nursery and Greenhouse Managers are
exposed to disease or infectionsoutdoors, exposed to weatherresponsible for others’ health and safetyWhat is a manager?A manager is a person who oversees a task and helps to allocate resources, track progress reports, and complete projects on schedule in order to accomplish the organization's objectives and vision.
The Nursery and Greenhouse Managers were tasked with concentrating on the increasing issues and finding solutions that lead them to outdoor exposure to weather which might cause infection or diseases as they are responsible for the health and saftey of people.
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New aving bank pay 4% interet on depoit. If you depoit $1000 in the bank and leave it there, will it take more or le than 25 year for your invetment to double?
It will be exactly equal to 25 years, the following is the explanation.
Given, a new savings bank pays an interest of 4%, and if I deposit $1000 in the bank, we should be found how many years the money will take to double itself.
Let's consider the unknown value, the no.of years to be represented by a variable, y.
The formula for simple interest is:
Simple Interest(S.I) = [tex]\frac{Principal Amount * No. of Years * Rate of Interest }{100}[/tex]
Since the money has to be doubled, the interest has to be twice the principal amount, that is, interest is also $1000.
Therefore,
1000 = [tex]\frac{1000 * y * 4}{100}[/tex]
=> y = 100 / 4 = 25 years
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The right way of asking the question is:
New savings banks pay 4% interest on deposits. If you deposit $1000 in the bank and leave it there, will it take more or le than 25 years for your investment to double?
which of these is an example of restrictions that government places on the use of business property?
In the US, the Fifth Amendment of the Constitution grants the government the right to use its eminent domain authority to take property for a public purpose as long as the owner is fairly compensated.
The definition of domain
The internet-specific term "domain" can refer to both the internet's structure and the organization of a company's network resources. A domain is typically a field of study or a management discipline.
A domain name is, to put it simply, the name of a website. It is the text that appears after .When someone asks how to find you online, you normally respond with your domain name.
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Ivan has inherited his mother's 1963 Chevrolet Corvette, which hevalues at $45,000. He decides that he might be willing to sell it so heposts it on Craigslist for $55,000. Samantha is interested and willing to pay up to $72,000
27000$ is Economic surplus of Samantha .
What does the term "economic surplus" mean?
Economic surplus, often known as "total welfare," is the collective advantage that results from the individual gains that a consumer or producer makes as a result of an economic activity.
The terms "total surplus" and "community surplus" may also be used to describe it.
Ivan and Samantha will be voluntarily involved in trade as they both are benefitting in their own ways and reasons. Ivan is getting more money than what he is expecting which is a producer surplus for him. Samantha is paying less that what she is willing to pay ,so there is consumer surplus. Hence both are benefitting from the transaction.
Producer surplus to Ivan = Amount received - willing to sell amount = 55000-45000 = 10000
Consumer surplus to Samantha = willing to pay - Actual amount paid = 72000 - 55000 = 17000
Economic surplus = Consumer + Producer surplus = 10000+17000 = 27000$
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this time period was characterized by the automation of routine tasks like processing payroll, welding car parts together, or sending invoices to customers.
The period described is characterized by the robotization of routine tasks in the plant. This trend towards robotization has been driven by the desire of associations to ameliorate effectiveness and reduce costs.
By automating tasks similar as recycling payroll, welding auto corridor together, and transferring checks to guests, associations have been suitable to significantly increase productivity and reduce the need for homemade labor in these areas. The trend towards robotization is likely to continue as technology continues to advance and associations seek to stay competitive in a fleetly changing business.
The robotization of routine tasks has led to both benefits and challenges for associations, including bettered effectiveness , but also the need for workers to acquire new skills and acclimatize to new ways of working.
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What does the government do in a mixed market economy?.
A mixed economy often combines a robust governmental sector with the characteristics of a market-based economy.
Government involvement in managing the use of certain resources and the ability to exercise control over private sector enterprises make mixed economic systems different from laissez-faire systems. The private sector may be taxed by governments in an effort to redistribute wealth, and they may also use tax revenue to further social goals.
Government involvement in mixed economies often takes the form of protective tariffs, tax rebates, specific credits, monetary stimulus, and public-private partnerships. These inevitably cause economic distortions, but they serve as tools to accomplish particular objectives that could be successful despite the distortion they cause.
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Who pays additional Medicare tax?.
The employer pays additional Medicare Tax to the employee in form of wages.
Anytime a business pays an employee more than $200,000 in wages or railroad retirement benefits in a calendar year, regardless of the employee's filing status, they are required to deduct the Additional Medicare Tax.
A component of the Medicare insurance program is paid for by a federal employment tax known as the "Medicare tax," often known as the "hospital insurance tax." In a similar manner to Social Security tax, Medicare tax is deducted from an employee's wages or paid as a self-employment tax. The U.S. Treasury manages trust funds that include taxes for Medicare and Social Security. Medicare Part A costs are covered by Medicare tax, which is held in the Hospital Insurance Trust Fund.
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which savings account will earn you the most money everfi
In comparison to a savings account that only pays basic interest daily, one that compounds interest everyday will yield a larger return.
What is a bank savings account?Money that you don't need right now can be safely stored in a savings account. You can use it to save money for a specific objective, like a big purchase or a safety net fund, and it might earn interest. Interest is credited to every U.S. Bank savings account.You can keep the money you don't plan to use right away in savings accounts, which can be a secure location. Planning for immediate requirements, like an emergency fund, as well as longer-term objectives, like saving money for a down payment on a house, can be facilitated by using these accounts.Fundamental Savings Account. These accounts, also referred to as passbook savings accounts, are a fantastic place to start learning about interest-bearing accounts and monetary savings. Money market savings accounts, certificates of deposit, and online savings accounts are just a few examples.To Learn more About savings account Refer To:
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Answer: 1. High-Yield Savings Accounts
2. Money Market Accounts
3. Certificates of Deposit (CDs)
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Explanation:
Is net income more or less than gross?.
Gross income is higher than net income
gross income includes total revenue or income, whereas net income refers to net profits after all expenses taxes, and deductions are taken out. Your personal net income is typically your take-home pay
formula for net income: Net Income = Total Revenue — Total Expenses.
To calculate net income take your gross income and subtract all of your business expenses—marketing or advertising costs, travel or office expenses tax payments,etc. —as well as any deductions you may be eligible for such as a home office space retirement plan, or legal and professional fees.
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why are land, capital, labor, and entrepreneurs important for a producer?
Land, capital, labor and entrepreneurs are important to a product as they are the factors of production needed to produce that product.
A factor of production is an economic term that describes the means necessary to produce goods and services. Factors of production are traditionally divided into three main groups.
Labor, capital, natural resources, and entrepreneurs join them to produce the goods and services that are put on the market.
Natural resources are used to describe all types of natural resources that exist. Resources are scarce and limited.
Capital is used almost exclusively as a term for physical capital and can be divided into fixed and variable physical capital. For example, capital includes all buildings and machinery constructed from natural resources.
Human capital or education is the knowledge and skills that can generate and drive capital or contribute to production. These terms illustrate the difficulty of precisely defining each element of production.
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are costs that remain the same no matter how much of the product or service you provide.
Fixed costs are costs that remain the same no matter how much of the product or service you provide.
Fixed costs are the expenses that don't change regardless of how much of a good or service a business typically offers. Rent, salary, and insurance are examples of costs that are borne independently of the volume of output or sales. They are sometimes referred to as overhead expenses.
Variable expenses, such as direct materials or direct labor, which fluctuate according to the volume of production or sales, are contrasted with fixed costs. The variable costs rise along with the level of output or sales, whereas the fixed costs stay the same. These costs are unaffected by variations in output and are constant regardless of the volume of production or sales.
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Mason compares two plans for an online book club. Which equation can be used to solve for the number of books, b, for which the cost of plan a equals plan b? plan a no membership fee $12 per book plan b $75 membership fee $3 per book.
The equation to get the number of books, b, at which the costs of both strategies are equivalent is: 12·b = 75 + 3·b
What is the equation?The equals sign is a symbol used in mathematical formulas to denote the equality of two expressions.
The three primary forms of linear equations are point-slope, standard, and slope-intercept.
A formula that explains how two expressions on each side of a sign are connected.
It typically has an equal sign and one variable. similar to this: 2x - 4 = 2.
So, the planned books are:
Plan A-
No membership charge
Each book costs $12.
Plan B-
$75 membership fee
Each book costs $3.
Plan A's price for b books is equal to Ca = 12b.
Plan B's book cost is calculated as Cb = 75 + 3b.
When the price of Plan A and Plan B are equal, we have;
Ca = Cb
Now, we obtain: 12·b = 75 + 3·b
Therefore, the equation to get the quantity of books, b, at which the costs of both strategies are equivalent is: 12·b = 75 + 3·b
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Why do banks charge overdraft fees?.
Answer:
Overdraft fees occur when you don't have enough money in your account to cover your transactions
The opportunity cost of watching a movie will be equal to;
А) The time lost while watching the show
B)The pleasure that could have been enjoyed watching TV instead
С )The pleasure enjoyed by watching the show
D) The amount paid to buy the tickets
Answer:
А) The time lost while watching the show
Explanation:
Opportunity cost is the value of the next-best alternative when a decision is made; it's what is given up.
A and D seems correct, but the wording on D makes A the better answer.
How does cost-benefit analysis help make economic decisions?
A cost-benefit analysis enables a person or organisation to examine a choice or proposed project without prejudice and helps in economic decisions.
An intervention's costs and benefits, both of which are stated in monetary terms, can be compared using a cost-benefit analysis. Health outcomes are a part of cost-benefit analysis (CBA) and cost-effectiveness analysis (CEA). The results of a cost-benefit analysis will display the net benefit—i.e., benefits after costs of a project choice. As an illustration, let's say that it will cost $100,000 to build a new product with estimated sales of $100,000 per unit. Consequently, 200,000 benefits were sold. Cost-benefit analysis, often known as benefit-cost analysis or CBA, is a methodical method for determining the advantages and disadvantages of potential solutions. It is used to identify solutions that offer the most effective method of attaining benefits while conserving savings in things like transactions, activities, and functional business needs.
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Is food and clothing a fixed expense?.
Answer:
No I do not think so.
Explanation:
What are the ways to reduce wealth gap between poor and rich?.
Governments can reduce inequality through tax relief and income support or transfers (government programs like welfare, free health care, and food stamps), among other types of policies.
The system or group of people in command of an organized society, often a state, is known as the government. The legislative branch, the executive branch, and the judicial branch make up the government in its widest meaning.
The government serves as both a mechanism for creating policies and an organisational instrument for implementing them. Many governments have some kind of constitution, which serves as a declaration of their governing principles and ideology. Although there are many different sorts of organisations that practise governance.
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Which phrase describes the substitution effect?
