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MissTica
3 years ago
7

PLEASE HELP ASAP, I NEED TO DO THIS BUT DONT KNOW HOW TO. Describe how free markets solve the problem of coordination. Why do co

mmand economies struggle with this problem?
Business
1 answer:
Strike441 [17]3 years ago
6 0
The advantage of a free market economy is that when it works it can both be reward and perpetuate innovation But they are inherently more risky and does tend to favor those more capital and resources . In an Economic make system with multiple equilibria coordination failure occurs when a group of firms could achieve a more desirable equilibrium but fail to because they do not coordinate their decision making
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Very few people in the United States today attempt to follow the example of Henry David Thoreau in On Walden Pond and "go into t
valina [46]

Answer:

Being self-sufficient dramatically reduces one's standard of living.

Explanation:

Thoreau had a view that one should go into the woods, live simply and produce what you need with your own hands (be self-sufficient).

Economists explain why most people in the United States do not do this. To an economist everyone in society have their own specialisation. That is why they emphasize division of labour.

So going into the woods to be self-sufficient is not the best use of one's resources and abilities.

Everyone has something unique to contribute in an interaction. What I have comparative advantage producing will be difficult for another person.

This will create a network of people giving what they have comparative advantage producing in exchange for goods and services they do not have competitive advantage producing. This results in everyone maximising utility.

But Thoreau's view will not maximise utility because it is not possible you have advantage producing all you need.

5 0
3 years ago
Read 2 more answers
Which financial statement is prepared last? a. statement of owner's equity b. income statement c. balance sheet d. the financial
viva [34]

Income statement financial statement is prepared last. An income statement is a financial statement that lists the revenue and expenses of the company. Additionally, it displays a company's profit or loss over a specific time frame. You may better comprehend your company's financial situation by comparing the income statement to the balance sheet, cash flow statement, and cash flow forecast.

An income statement displays the revenues, costs, and profitability of a business over time. It is also sometimes referred to as an earnings statement or a profit-and-loss statement. One of the more crucial financial figures you might examine for a company is the income statement.

To learn more Income statement, click here.

brainly.com/question/14308954

#SPJ4

6 0
1 year ago
A bank has $50 million in assets, $47 million in liabilities and $3 million in shareholders' equity. If the duration of its liab
Alisiya [41]

Answer: 1.222

Explanation:

The Average duration can be derived from the formula:

Assets * Average Duration = Liabilities * Duration of Liabilities

Average Duration = (Liabilities * Duration of Liabilities) / Assets

= (47,000,000 * 1.3) / 50,000,000

= 61,100,000 / 50,000,000

= 1.222

5 0
3 years ago
Jasmine Smith owns a condo worth $340,000, a car valued at $27,000, and miscellaneous assets worth $8,500. She owes $189,000 on
Misha Larkins [42]

Answer:

her total assets are $422,000

Explanation:

The computation of the total assets is shown below:

Jasmine Smith's total assets is

= Worth of condo + Value of car + Miscellaneous assets + Mutual fund investment

= $340,000 + $27,000 + $8,500 + $46,500

= $422,000

hence, her total assets are $422,000

We simply applied the above formula so that the correct amount could come

7 0
3 years ago
Under the Federal Insurance Contributions Act, where do the funds for Social
emmasim [6.3K]

Answer:

It is deducted from the workers

Explanation:

All employers are required to deduct social security and medicare taxes from their employees' paychecks. The deducted amounts are remitted to the government through the social security administration authority.

Therefore, the funds for Social  Security and Medicare come from the employees' paycheck. It is the workers who contribute these funds from their income.

6 0
3 years ago
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