Question

Suppose you are sitting down for breakfast. Compare how the elements of your breakfast would be...

Suppose you are sitting down for breakfast. Compare how the elements of your breakfast would be provided if the economic system was (i) a centrally planned economy or (ii) a system of decentralized markets.

Business   Economics   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

(i) If the economic system was a centrally planned economy - The breakfast would be a single element rather than multiple elements as per individual's choice.Individual would be forced to have the fixed elements of breakfast rather than having options of different elements as per his or her choice.

(ii) If the economic system was a system of decentralized markets - The individual would have different options to select as the component of breakfast. It would be easy for them to customize their breakfast as per their interest as there would be multiple components from different sources.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
How would you compare the performance objectives between business class and economy class flights?
How would you compare the performance objectives between business class and economy class flights?
You are offered a 4% mortgage. You would like to buy down your rate to 3.5%....
You are offered a 4% mortgage. You would like to buy down your rate to 3.5%. Your mortgage balance is $100,000. How much in points would you have to pay?
In your view, what are the determinants of a company's beta? How would you estimate the...
In your view, what are the determinants of a company's beta? How would you estimate the cost of debt for a firm whose only debt issues are privately held by institutional investors? Does it make a difference if the company's debt is privately placed as opposed to being publicly traded? Why do we use an aftertax figure for cost of debt but not for cost of equity? What do we mean by market efficiency? In your opinion, are financial markets...
20] You would expect a society with a traditional economy to have most of its economic...
20] You would expect a society with a traditional economy to have most of its economic activity directed toward: A) agriculture. B) manufacturing. C) production of services. D) real estate management. [21] In a market economy, the willingness and ability of buyers to purchase goods and services helps to: A) set the prices of those goods and services. B) determine who gets the goods and services. C) determine what goods and services will be produced and in what quantities. D)...
Suppose that the economy is currently at potential output. Also suppose that you are an economic...
Suppose that the economy is currently at potential output. Also suppose that you are an economic policy maker and that a college economics student asks you to rank, if possible, your most preferred to least preferred type of shock: positive demand shock, negative demand shock, positive supply shock, negative supply shock. How would you rank them and WHY in terms of the AS-AD Model? Additionally describe an economic shock (that has not been described by another student) that has occurred...
If you were a stock trader and markets were not efficient, how would this influence your...
If you were a stock trader and markets were not efficient, how would this influence your trading activity? What does this tell you about why markets may be efficient?
Suppose you are newly appointed investment officer and you have your first meeting with you client...
Suppose you are newly appointed investment officer and you have your first meeting with you client who is interested to invest his money. How will you tackle him by explaining about both liquid and illiquid investments? Moreover, which assets class will you suggest him he may consider specifically at this time of pandemic when whole economy and stock markets are devastated?
Suppose you are the president of a developing country. Discuss what economic policy you would recommend...
Suppose you are the president of a developing country. Discuss what economic policy you would recommend to promote trade between the country you work for and a neighboring country. Also, how would you increase net exports? Explain your reasoning, using at least 100 words with relevant economic concepts & theory.
Suppose that you work for the child social services agency in your county. Your job is...
Suppose that you work for the child social services agency in your county. Your job is to investigate instances of possible child neglect or abuse. After collecting your evidence, which may come from a variety of sources, you must decide whether to leave a child in the home or place the child in protective custody. Specify the null and research hypotheses in this situation. What would constitute a Type I and a Type II error? Is a Type I or...
Suppose you decide to purchase a $150,000 home using an inheritance of $20,000 as your down...
Suppose you decide to purchase a $150,000 home using an inheritance of $20,000 as your down payment. A down payment is subtracted from the total cost of the home and therefore you owe $130,000. To pay for this amount you will need a loan, so $130,000 is the principal on your loan. Suppose the interest rate on a 30 year mortgage is 4.75%. What will your monthly payment be? How much will you pay on the loan if you pay...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT