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Name at least three features of a command economy.
public ownership of resources
Name at least three features associated with a market economy.
private resource ownership; buyers and sellers together decide resource allocation; price serves as the signal of resource allocation
what kind of resource is not fully scarce?
basic knowledge
what are the four types of resources?
land, labour, capital, entrepreneur
please explain the term scarcity.
limited resources and unlimited needs and wants
how will technology advance change a production possibility curve?
shift it outwards
if the opportunity cost is constant, what is the shape of ppc. please draw a graph to show it.
How to explain a constant opportunity cost?
Which one has CA in paper? Ben can read 1 page of a student paper per minute or type 50 words of lecture notes per minute, and Ann, can read 3 pages of a student paper per minute or type 60 words of lecture notes per minute.
ann
draw a graph to show a combination of two goods that are unattainable by an economy.
If an economy choose more consumer goods and less capital goods. what does it mean?
more current consumption and less future consumption.
Please give a reason to explain why a ppc shifts inward.
fewer resources
