Answer:
In the 1920s people were more optimistic about the future because the economy was growing very fast, many people were enjoying new amenities like a vaccuum cleaner or going to the cinema for the first time, and credit was cheap, including mortgages. Nowadays, people are more pesimistic due to recent economic crisis, stagnation of income for many people, and rising inequality.
In the 1920s, people were also much more socially conservative, to the point that during most of the decade, the sale of alcohol was prohibitied. Nowadays, most people are less conservative and more liberal compared with the 1920s past, being more empathetic towards alternative lifestyles, and diverging opinions.
If a price control causes a surplus the market will become inefficient because:
1. The producer will manufacture the same amount of goods as he did previously but the surplus will increase its cost and the goods will not be sold in the market, it will result in the wastage of goods and resources if they are kept in one place for a long time.
2. The surplus will cause an equilibrium in the market in terms of supply and demand.
3. If the goods are not sold in the market for a long time, it will stop the circulation of money.
Meaning of Inefficiency :
It means the lack of ability to achieve a certain goal without wasting energy, resources and time.
Answer:
B and D
Explanation:
I know for sure that D is one of the answers but B might be wrong.
Consumers are the one who uses the services and goods that are produced in the game of economics.
Option: B
<u>Explanation:
</u>
Consumers are the ones or the 'group of players' that uses the services and goods that are produced in the 'game of economics'. A consumer buys services or goods with money to use it for its own purpose, not for selling or for any commercial purpose. In an economy, a consumer plays a crucial role because without a consumer there would not be any transaction and without any transaction, there would not be any production.
