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Oduvanchick [21]
4 years ago
6

Economic decisions are made differently in different economic systems… a. What are the basic economic decisions that every econo

mic system must make? b. List the three basic economic systems. How does each answer the basic economic questions? c. List and explain four (4) characteristics of the market economy.
Business
1 answer:
Yuliya22 [10]4 years ago
3 0

Answer:

Explanation:

The basic economic decisions are; what to produce? 2. How to produce? 3. Whom to produce?

Three economic systems are;

1. Free market

2. Command economy

3.  Mixed economy.

In free market economy system; the products which are profitable, produced,  production method is finalized by an entrepreneur. 3.  the people who can afford to pay.

in command economy ; govt decides all three questions .

while in mixed economy both govt. and pvt .sector decides.

Characteristics of market economy;

1. Profit motive

2. variety of goods and services

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Answer:

$350 million

Explanation:

the formula for calculating GDP is consumption + investment + government spending + net exports, since apparently this is a closed economy with no exports or imports, the formula should be:

GDP = C + I + G

  • GDP = $1,330 million
  • C = $700 million
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G = $1,330 - $700 - $280 = $350 million

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3 years ago
You have an insurance policy with a $300 premium and a $500 deductible. how much should you expect to pay the insurance company
frosja888 [35]
<span>$300 is the correct answer. The premium is the amount that you pay to an insurance company every month for them to provide you with insurance. The deductible, on the other hand, is the amount that the person paying for the insurance has to pay when they make a claim if they want the insurance company to pay out. Having a deductible makes premiums lower as it reduces the chance of people making smaller claims, and therefore reduces the insurance company's spending.</span>
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3 years ago
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If a business had a capacity of $10,000,000 of sales, actual sales of $6,000,000, break-even sales of $4,500,000, fixed costs of
FrozenT [24]

Answer:

2000000

Explanation:

because that is what is left

5 0
3 years ago
The concert promoters of a heavy-metal band, WeR2Loud, know that there are two types of concert-goers: die-hard fans and casual
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Answer:

B) $125,000

Explanation:

Price discrimination strategy refers to charging each customer the maximum amount of money he/she is willing to pay for a product.

In this case, the concert promoters should charge $150 per ticket to 1,000 die hard fans  = $150,000 in revenue.

Then it should charge only $50 per ticket to 500 casual fans = $25,000 in revenue.

Total revenue             = $150,000 + $25,000 = $175,000

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6 0
3 years ago
Which statement is TRUE regarding a 28-year old woman who inherits he grandfather's IRA? A. She may delay distributions until sh
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Answer:

C. She may receive distributions over her expected life

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