Economics (21st Edition)

Chapter 2

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Household buys products while the firm make and ... more

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The price of a factor of production is determined ... more

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Money flows from the business sector to the ... more

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Households purchase goods and services from ... more

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In a command economy, central planners attempt to ... more

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In a market economy, each economic agent makes its... more

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Private property rights help achieve mutually ... more

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Capital helps in improving the efficiency of ... more

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The barter system entails the problem of double ... more

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The profit motivates a producer to produce and ... more

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Creative destruction occurs when the introduction ... more

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The guiding force in a competitive market is known... more

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In the market economy, firms and resource ... more

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In the product market, the final goods and ... more

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The suppliers and workers are legally entitled to ... more

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Private property rights enable arranging economic ... more

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Private Property: The property resources are owned... more

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Money is anything that is acceptable for the ... more

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Households sell resources to the firm.The firm ... more

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A corporation is an independent legal entity. The ... more

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The employees are not liable to share the losses ... more

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The total revenue of the firm is $800The total ... more

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