Answer:
D. Knowing what consumers want helps producers make more
money
Answer:
1)Predict: How will supply and demand and labor substitutes in these job markets affect their pay and likeliness to get a job?
Supply, demand and labor substitutes are three variables that will determine the wage.
For the medical field, the demand for doctors tends to be higher than the supply of doctors, because becoming a doctor is costly both in time and money. This means that doctors will be well-paid, according to this model.
Besides, there are not so many labor substitutes for a doctor, increasing the probability of a high pay for them.
The opposite occurs for barbers. Barbers are easier to supply, and demand is not as high for them. This means that a barber salary will be much lower than a doctor's salary. Finally, barbers do have more labor substitutes as well.
2)How will supply and demand within the job market affect my career choice?
Supply and demand within the job market, as explained above, largely determines the quality of the career that you choose. A labor market with high supply and low demand means that the chosen career will be paid less, while a labor market with low supply and high demand means that the chosen career will be paid high salaries.
Answer: The United States had a free market, whereas the Soviet Union had a government-controlled economy.
Explanation:
The end of World War II meant that democratic systems sought greater connectivity in terms of the economy and market flows. The United States, as the largest advocate of democracy in the world, was involved in these trade flows. That meant openness to free trade. On the other hand, Stalinism in the Soviet Union controlled all life, political and economic flows. That also meant strict control of trade and markets.
The answer is 49, hope you got 100 on your test
