Q: Is Income determined by the Scarcity of Your Contribution, and Not the Value of Human Worth?
A: ANSWER Scarcity refer to the basic economic problem- the gap between limited resources and limitless…
Q: What correlation lies between productivity and the standard of living?
A: The amount of goods and services produced by the average worker in an hour of work is referred to as…
Q: Draw a Microeconomic Theory of Fertility and then describe the diagram starting from the…
A: The creation of a microeconomic model of fertility required a more detailed specification of a…
Q: Government attempts to reduce income inequality; ensure minimum health, education, and living…
A: Government plays an important role in various aspects of the economic stability. It ensure the…
Q: What comprises middle-income economies
A: For operational and analytical purposes, world bank classifies the economies in three groups: low…
Q: why it is less likely to people to migrate from urban to rural?
A: Migration is an economic process where people move from a city/place to another in search of better…
Q: Which action taken by a worker would not be an investment in human capita
A: Investing in human capital will increase workers productivity. It can be done through worker…
Q: How can we reduce the number of low-income workers and increase the number of middle-and…
A: There are many factors like education, training, health services, etc. that can decrease the number…
Q: Mixed economic system is also called
A: Mixed economic system consist of both capitalism and socialism.
Q: Does Income Inequality Impair the American Dream?
A: Income inequality: It means uneven distribution of income throughout the population.
Q: Part C. Study the circle graph and table below to get answers to the questions that follow. Noroor…
A: The above Pie chart shows us the data of poverty in America in the decade of 1970s. From the given…
Q: Studies indicate that married men on average earn more income than unmarried men of the same age and…
A: Correlation/interrelationship does not surely bring causation/causality. Marriage & income…
Q: Which of the following concepts best describe ‘social capital’? (a) Skills and qualifications.…
A: 'Social capital' refers to shared values, ideas, information and opportunities, along with trust in…
Q: 100 Line of equality A B Percentage of population 100 Percentage of income
A: Lorenz Curve It tells us about the income distribution level among the people. There is one 450…
Q: If you had to use one word to answer the question why some countries and rich while others are poor,…
A: There is international inequality in distribution of income and wealth. Some countries are rich…
Q: Below shows the schematic diagram of the circular flow of income. The functioning of the free-market…
A: The economics as a study takes into account the scarcely available resources, as the resources in…
Q: Definition of micro
A: In economics we study the decision of societies in the condition of scarcity, people has to choose…
Q: What stage is Turkey in the demographic transition model? (Draw and explain by using 5 stages of…
A: The demographic transition model allows the country to identify what stage of growth the country is…
Q: A consultant works for $200 per hour. She likes to eat vegetables, but is not very good at growing…
A: Specialization in doing some work: In economics labor will grow commodities in which they have…
Q: What are the types of natural resources and makeup the differences between them?
A: (Since you have posted multiple questions, we will answer the first one for you. If you want a…
Q: How does division of labor improve standard of living?
A: ‘standard of living’ is the quality of life that a person is living. it depends on many factors,…
Q: What is the relationship between class, different types of capital, and mobility??
A: The movement of people or groups in social positions over time is referred to as social mobility.…
Q: The Economist article on human capital says that human capital theory tries to answer which of the…
A: The human capital theory places that human creatures can expand their useful limit through more…
Q: In what ways does franchising contribute to an overall economy?
A: Franchising is a process of marketing and distributing products where the owner of the business that…
Q: Explain why Karl Marx said that even if the wage increases, it will still go back to its subsistence…
A: Subsistence wages are the wages that enable a worker to fulfill his or her basic needs. Subsistence…
Q: What are the factors of standard of living?
A: The necessities, luxuries, and comfort which an individual desires to have to enjoy represent the…
Q: . Explain the following terms: i. Fertility ii. Dependency ratio iii. The…
A: 3)i) Fertility is the ability to produce children. Fertility rate is an important concept that helps…
Q: What is socio economic
A: Socio-economics is that study of society which considers the effects of economic activities and it…
Q: Most of the jobs that were added to the American economy over the past thirty years were in which of…
A: The phrase "blue collar" was coined because people who performed physical labour in the past wore…
Q: Is entrepreneur and entrepreneurship the same?
A: Entrepreneurs play an important role in economic development as a catalyst in the process of…
Q: When the earned income of poor people increases to be equal to disposable income the transfer from…
A: The amount of money that a person or household has available for spending or saving after income…
Q: General Electric paid its workers $5 a day in 1914. If the consumer price index was 10 in 1914 and…
A: The fluctuation in price index costs of one particular period compared to its previous period is…
Q: Which action by the Australian government would make its economy less mixed economy and more like a…
A: The market economy would be the point when the market as an allocative mechanism would result in the…
Q: What is human capital? Is education important in increasing the quality of human capital or not?
A: Human Capital The economic benefit of a laborer's experience and talents is referred to as human…
Q: How do you see the trade-off between the economy and theenvironment? Which is more important? Is it…
A: A situational decision involving diminishing or losing of one quantity, quality, or property of a…
Q: What is the individual’s human wealth? Total wealth?
A: Wealth: It is the estimation of the relative multitude of assets that are controlled by an…
Q: Why does the U.S. fall at the bottom of family leave entitlements in developed countries ?What would…
A: In "new economy" non-standard schedule works are very common. Over the past decade, the amount of…
Q: What are the three economic sectors? Provide explanations and examples for each. How does the United…
A: Economics as a subject deals with the allocation, production and optimization of scarce resources…
Q: Explain how households and firms interact in the factor market and in the product market
A: Market: It is an arrangement between buyers and sellers for exchanging goods and services for money.…
Q: How is a traditional economy similar to and different from a mixed economy?
A: An economic system is that system where governments or societies arrange and allocate available…
Q: Explain how a mixed economy differs from both a planned and a free market enterprise economy and…
A: Planned economy is that economy which is controlled by the government or any legal authorities on…
Q: What is the relationship between the rising cost of living and low-income communities’ standard of…
A: The cost of living is the average amount of money that people in a certain location require in order…
Q: Explain your understanding of a Mixed Economy. Give some examples to support your view
A: An economic system is a way for governments or communities to distribute and organise resources,…
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