What are the three economic questions deals with deciding?
One of the three economic questions deals with deciding: what goods and services should be produced. what the costs of production should be. how goods and services will be marketed.
Which individual is a producer quizlet?
An individual or group who uses resources to create goods and services which satisfy the needs and wants of consumers. Natural, Capital, Labour and Entrepreneur.
What is one way that economics can influence your daily life by forcing a decision on a career path?
What is one way that economics can influence your daily life? By helping you to understand that every choice has a trade-off.
What are some reasons for studying economics choose three answers quizlet?
Economics helps people learn to manage resources. Economics describes the reasons products are scarce. Economics explains the roles of producers and consumers. Economics shows how people work together to make money.
How does a pure command economy answer the basic question of which goods and services should be produced?
In a command economy, what goods and services are produced, how they are produced, and for whom they are produced are all questions answered by government planning. The government makes economic decisions for the good of society.
How can the use of new technology in industry benefit workers?
1.) Technology can move workers out of dangerous jobs where they suffer higher casualty rates which also benefits companies through lower insurance rates. 2.) Technology can make it cheaper for a company to train new workers making an expanded workforce a more attractive option.
What is the meaning of consumer in economics?
Consumers are people who buy or use goods and services to satisfy their wants.
What are the purposes of studying economics is to understand the quizlet?
One of the purposes of studying economics is to understand the: reasons people purchase certain goods. reasons some resources become scarce. principles that explain why produces buy goods and services.
What are the factors that influence your decision in choosing a career?
Factors that influence career choices
- Personality.
- Interest.
- Values.
- Perception of careers.
- Skills abilities and talents.
- Culture.
- Socio-economic factors.
- Other career related factors.
What factors will influence your decisions regarding your chosen occupation?
Factors affecting choice of job/occupation
- Wages. All things being equal, higher wages, will make a particular occupation more desirable. …
- Non-wage factors. …
- Qualifications and skills required. …
- Cultural expectations. …
- Non-wage satisfaction from a job. …
- Different types of non-wage benefits.
How might a drop in price for washing machines affect the demand for dryers?
The demand for dryers would most likely increase as the price for washing machines dropped.
What is the impact of using ICT tools in the production and consumption of goods?
According to some authors (8–15), ICT can influence economic growth through several significant channels, namely: the production of goods and services within the ICT sector directly contributes to the creation of value-added goods and services in the economy; the use of ICT goods and services as inputs in the …
What influenced economic development?
Economists generally agree that economic development and growth are influenced by four factors: human resources, physical capital, natural resources and technology.
What is an economy where both government and private businesses are involved in goods and services?
A mixed economic system is a system that combines aspects of both capitalism and socialism. A mixed economic system protects private property and allows a level of economic freedom in the use of capital, but also allows for governments to interfere in economic activities in order to achieve social aims.
What role do government agencies play in a mixed market economy?
What role do government agencies play in a mixed market economy? They run shipping companies and other sources of distribution. They own farms, factories, and other sources of production. They regulate some aspects of production and distribution.
Why does the government create regulatory agencies?
regulatory agency, independent governmental body established by legislative act in order to set standards in a specific field of activity, or operations, in the private sector of the economy and then to enforce those standards. Regulatory agencies function outside direct executive supervision.
What is a producer in science?
A: Producers: Photosynthesizing organisms. Producers are any kind of green plant. Green plants make their food by taking sunlight and using the energy to make sugar. The plant uses this sugar, also called glucose to make many things, such as wood, leaves, roots, and bark.
How can the government affect economic decisions?
Governments influence the economy by changing the level and types of taxes, the extent and composition of spending, and the degree and form of borrowing.
How do resources and wants create scarcity?
Scarcity in economics refers to when the demand for a resource is greater than the supply of that resource, as resources are limited. Scarcity results in consumers having to make decisions on how best to allocate resources in order to satisfy all basic needs and as many wants as possible.
How do resources and wants create scarcity quizlet?
All goods and services we produce are scarce. Scarcity implies quantities of resources to meet unlimited wants. Scarcity always exists because our needs and wants are always greater than our resource supply.
How do personal factors such as personality interests and values influence your career choice?
And understanding the natural preferences inherent in our personality can help us to identify the types of job roles and working environments that we are likely to thrive and excel in. It also helps people become aware of why they like or dislike certain elements of their role.
What are the 10 factors to consider in searching business opportunities?
10 Factors To Consider When Choosing A Career Path
- Consider Your Hobbies. …
- Consider Skills You Excel In. …
- Consider What You Enjoyed At School. …
- Explore Yourself. …
- Consider The Careers You Have Easy Access To. …
- Consider Your Future Job Stability. …
- Consider Your Financial Situation. …
- Consider Your Dream Career.
What economic factors affect employment?
A variety of factors affect the job market. These include job turnover, unemployment and employment rates, immigration, income inequality, discrimination, seasonality, and the overall economic climate.
What factors usually influence one’s decision?
During the decision making process, there are four behavioral factors that influence the decisions we make. These behavioral factors are our values, our personality, the propensity for risk, and the potential for dissonance of the decision.
What is the total amount of a product available in a market at a given price called?
The total amount of a product available in a market at a given price is called the. supply.
Which explains why the price indicated by p2 on the graph is lower than the equilibrium price?
The graph shows excess demand. Which explains why the price indicated by p2 on the graph is lower than the equilibrium price? As prices fall, demand goes up. The graph shows a point of equilibrium.
Why information and communication technology or ICT plays an integral part in the development of the Philippine economy?
Rapid expansion of ICT is of crucial importance for economic growth for many reasons: the use of this technology enables the various participants in economic and social life to have quick and easy access to information and knowledge (5); ICT enables companies to communicate faster and better so they reduce production …
What are the economic impact of information technology in business?
Businesses can reduce costs, streamline processes, and increase efficiency. The main impacts of information technology on the economy are e-commerce, marketing tactics, facilitation of globalization, job insecurity, and job design. E-commerce is the buying and selling of products over the Internet.
What are the major forces driving the new economy?
Technology revolution, globalization and market deregulation factors are among many sculpting the new economy. These 3 factors interact with each other at different levels creating the driving force for the new economy.
What are economic business factors?
Economic factors are connected with goods, services, and money. Despite directly affecting businesses, these variables refer to financial state of the economy on a greater level — whether that be local or global.