1. Economic freedom is basically allowing people to have their own freedom within the economy, Economic equity is basically treating everyone equal no matter what, Economic stability is the absence of constant flucuations, Economis growth is when a country gets rich over a period of time, and Economic security is basically protection.
2. The government has increased dramatically because of the high rate of unemployment and things in that nature.
3. I agree with the visual because people only want the flashy things in life and will do anything to get it, if deregulation happens then the economic security will get weaker because of the things that will be going on.
4. The government supplies good and services in the market economy for the consumers and the producers. Consumers being the buyers and Producers being the creators and sellers of a product.
5. The 6 functions are maintaining competition, providing public goods, stabilizing the economy, maintaining social frame work, correcting for externalties, and redistributing income.
6. If a company wants to be successful all it has to do is increase productivity, it must produce more product for the people that are intrested in buying the product.
7. To become better in production by using some of the money they made to buy more updated technology to make their products better, and they can increase the education of the workers that are in their company.
8. A lot of workers are producing a low output which is making the umemployment rate lower and lower, the production growth is almost equal, with that being said it is not enough workers to get the job done.
Thursday, October 7, 2010
How different economic systems answer the three basic econmic questions Assignment#3
1. The threebasic economics questions are what to produce, how to produce it, and for whom to produce it for?
2. An economic system is the distribution and consumption of goods and services of an economy. The four types of economic systems are the Market Economy, Command Economy, Traditonal Economy, and a Mixed Economy.
3. The Market Economy is controlled by the consumers and producers, the Command econmy is controlled by the goverment, the Traditonal economy is based on what they want, and the Mixed economy is a mixture capitilism and socialism.
4. The United States government regulates their own enterprise in a lot of ways . Traditionally , the government wanted to get rid of monopolies such as Microsoft for putting other softwares out of business.
5. The economic system that fits this category is the traditional economy because the child was doing what he was raised to do and he got rewarded for doing it right.
6. All of the features are apart of the market economy, the only one that is not is the government regulation because it deals with the command economy and the traditional economy deals with themselves.
2. An economic system is the distribution and consumption of goods and services of an economy. The four types of economic systems are the Market Economy, Command Economy, Traditonal Economy, and a Mixed Economy.
3. The Market Economy is controlled by the consumers and producers, the Command econmy is controlled by the goverment, the Traditonal economy is based on what they want, and the Mixed economy is a mixture capitilism and socialism.
4. The United States government regulates their own enterprise in a lot of ways . Traditionally , the government wanted to get rid of monopolies such as Microsoft for putting other softwares out of business.
5. The economic system that fits this category is the traditional economy because the child was doing what he was raised to do and he got rewarded for doing it right.
6. All of the features are apart of the market economy, the only one that is not is the government regulation because it deals with the command economy and the traditional economy deals with themselves.
Wednesday, October 6, 2010
Production Possibilities Curve; Rational Decision Making; and Specialization Assignment#2
- A Production Possibility Curve would tell you what products could be produced. Creating new and advanced technology would cause the PPC to shift to the left, human capital would make the PPC to shift to the right.
- I think the best way to determine if we are making a good rational decision is by determining if the marginal benefit exceeds the marginal cost.
- When a company makes up their mind to specialize, they can rise in production. Reason being is because companies choose to specialize based on what they have. Companies trade based on what they specialize in. If companies did not specialize they would not be able to produce a lot of that product.
5. I feel ok about this standard. I don't have two questions but I have one question. What would probably cause a curve to shift outwards twice?
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