1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
djverab [1.8K]
9 months ago
7

Which statement best describes the difference between a market and traditional economy

Business
1 answer:
icang [17]9 months ago
4 0

Answer:  in a traditional economy, decisions are based on habit and custom

Explanation:

You might be interested in
Select the correct answer from each drop-down menu.
LUCKY_DIMON [66]

Answer:

1. Technical improvements cause production costs to decline, which causes supply to increase and prices to decrease.

2. Decreased unemployment causes consumer incomes to increase which causes demand to increase and hence price to increase.

Explanation:

Demand refers to a consumer's desire to purchase a particular good or service at a given time for a specific price. Supply on the other hand, is the willingness of a producer to produce a particular good or service at a given time for specific price.

1. Production cost is a factor that influences supply. For example, cost of labor or raw material cost. When production costs fall, more products can be produced at a lesser cost. Hence'

  1. The supply curve shifts right from S1 to S2.
  2. This causes quantity supplied to increase from QS1 to QS2
  3. And price to fall from P2 to P1. Please refer Diagram 1 in attachment.

2. When unemployment decreases, it means that more people are working in the economy and hence their incomes are also higher. This means there is a higher purchasing power and also higher demand for products. Hence,

  1. The demand curve shifts from D1 to D2.
  2. This causes quantity demanded to increase from QD1 to QD2
  3. And price to increase from P1 to P2.  Please refer Diagram 2 in attachment.

7 0
3 years ago
The ________ states that the opportunity cost of producing a good always rises as one produces more of it. group of answer choic
quester [9]

The <u>law of increasing relative cost </u>states that the opportunity cost of producing a good always rises as one produces more of it.

According to the law of increasing costs, production eventually loses efficiency as it grows. The labor expenses for each additional item will increase, for instance, if increased production requires overtime work from your workforce.

Opportunity cost is the value of other commodities or services you must forgo in order to get your desired item. The term "cost" as used by economists often refers to opportunity cost. Cost is frequently mentioned in conversations or on the news.

According to the law of increasing opportunity cost, the cost of manufacturing the next unit rises as you keep up with the production of a given good.

Find more about opportunity cost

brainly.com/question/24229740

#SPJ4

6 0
1 year ago
Dave and Ellen are newly married and living in their first house. The yearly premium on their homeowner’s insurance policy is $6
oksian1 [2.3K]

Answer:

1. 48 dollars

2. 30 dollars

Explanation:

The yearly premium on their homeowner's insurance policy is $600 for the coverage they need.

Their insurance company offers a discount of 8 percent if they install dead-bolt locks on all exterior doors.The couple can also receive a discount of 5 percent if they install smoke detectors on each floor.

1. What discount will Dave and Ellen receive if they install the dead-bolt locks?

discount for deadbolts =

Discount % x Premium

0.08 x 600 = 48 dollars

b. What discount will Dave and Ellen receive if they install smoke detectors?

discount for deadbolts =

Discount% x Premium

0.05 x 600 = 30 dollars

5 0
3 years ago
Money, Inc., a calendar year S corporation in Denton, Texas, has two unrelated shareholders, each owning 50% of the stock. Each
ratelena [41]

Answer:

See below

Explanation:

a. At the end of the year, before distribution, each shareholder's basis

= $400,000 + $100,000 + $50,000

= $550,000

b. After the distribution, each shareholder's basis is

= $300,000 + $200,000

= $500,000

c. Therefore, each shareholder has

$250,000 worth of dividend income.

3 0
3 years ago
If supply for a product is high but demand is low, what most likely needs to happen to achieve equilibrium?
vodka [1.7K]
<span>If supply for a product is high but demand is low, the one that most likely needs to happen to achieve equilibrium is: B. The price of the product must go down. High supply of product will create an abundance in the market. By lowering the price of the product, it will attract more consumers for that product (icnreasing its demand) and will eventually lower the product abundance and bring the curve into equilibrium</span>
7 0
3 years ago
Read 2 more answers
Other questions:
  • Sapphire sells two products: ordinary laptops and premium laptops. Ordinary laptops are priced at $650 each and premium laptops
    10·1 answer
  • On january 1, 2016, pet friendly stores adopted the retail inventory method. inventory transactions at both cost and retail, and
    5·1 answer
  • A walking path at a local park is modeled on the grid below where the length of each grid square is 10 feet. The town needs to s
    8·1 answer
  • Flagler Corporation shows a total of $1,190,000 in its Common Stock account and $1,050,000 in its Paid-in Capital Excess account
    15·1 answer
  • Valuation Using an Income Statement Multiple JAKKS Pacific Inc., a toy manufacturer, reports net income for the recent twelve mo
    11·1 answer
  • Which of the following are the fixed costs relative to the number of the units produced and sold? a. straight-line depreciation,
    13·1 answer
  • Suppose that Spain and Sweden both produce fish and wine. Spain's opportunity cost of producing a bottle of wine is 4 pounds of
    15·1 answer
  • You know the _____ method of budgeting is being employed after hearing an experienced marketing department manager respond to a
    7·2 answers
  • For the year ended December 31, 2021, Fidelity Engineering reported pretax accounting income of $984,000. Selected information f
    10·1 answer
  • 7. Choose if the product is a Good, a Service, or Both.
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!