In a market economy the economic efficiency tells when the consumers choices are at the lowest possible cost. The economic equity is based on how the prices may vary within a market economy. The economic freedon in a market economy is when you have freedom to produce, trade and consume any goods and services acquired without the use of force. The economic stability in the market economy is based on the high unemployment rate. Economic growth in a a market economy is when the process by which a nation's wealth increases overtime.The economic security in the market economy have a stable income or other resources to support standard living.
Why has the role of government in the economy increased dramatically since the 1880s? they had to maintain social and legal framework.
3. Write an argument that supports or opposes the statement in the visual below that says, "deregulation won't work because people are greedy”?
deregulation is when the government has know control over anything. so that means people act the way they do because they have know control.
4. Explain why the government provides public goods and services. Why are these public goods and services NOT provided by the private sector?
The government provides public good and services because they have to be non-rivalrous and non- excludable so that everyone can have access to these goods. If private sectors provided these goods, they would not be non-rivalrous and non-excludable.
5. What are the 6 functions of government in a market economy (provide an example of how the government fulfills each of these 6 functions)? The six functions of government in a market economy are freedom, security, efficiency, stability, equity, and economic growth. Freedom is achieved by the people having the freedom to work, freedom to produce, trade and consume any goods and services acquired without the use of force, fraud or theft. Security is achieved by having stable income or other resources to support a standard of living now and in the foreseen future. Efficiency is achieved by production proceeding at the lowest possible per-unit cost. Stability high employement. Economic growth is achieved when a nation’s wealth increases over time.
6. Describe the relationship that inputs and outputs have on productivity? The Inputs and Outputs show how much of a product is imported, when products are imported and exported thought out the country they increase productivity.
7. How do investments in capital goods, technology, human capital, training, and educating workers, improve productivity and economic growth? You invest into capital goods, technology, human capital, training, and educating workers that improves productivity because smarter workers find ways to complete more work in less time. Human capital and technology increases productivity because they aid the workers so that more work can be completed.
8. Refer to the chart below and explain the cause of the decrease in the output, productivity, and employment in manufacturing in the United States. What can the United States do to reverse this downward trend in manufacturing? the unemployement is high because they doesnt have many workers producing the output.
Reflection: What are two questions that you still have about these particular standards? What way would market economy be useful? How do inputs and outputs show scarcity?
Why has the role of government in the economy increased dramatically since the 1880s? they had to maintain social and legal framework.
3. Write an argument that supports or opposes the statement in the visual below that says, "deregulation won't work because people are greedy”?
deregulation is when the government has know control over anything. so that means people act the way they do because they have know control.
4. Explain why the government provides public goods and services. Why are these public goods and services NOT provided by the private sector?
The government provides public good and services because they have to be non-rivalrous and non- excludable so that everyone can have access to these goods. If private sectors provided these goods, they would not be non-rivalrous and non-excludable.
5. What are the 6 functions of government in a market economy (provide an example of how the government fulfills each of these 6 functions)? The six functions of government in a market economy are freedom, security, efficiency, stability, equity, and economic growth. Freedom is achieved by the people having the freedom to work, freedom to produce, trade and consume any goods and services acquired without the use of force, fraud or theft. Security is achieved by having stable income or other resources to support a standard of living now and in the foreseen future. Efficiency is achieved by production proceeding at the lowest possible per-unit cost. Stability high employement. Economic growth is achieved when a nation’s wealth increases over time.
6. Describe the relationship that inputs and outputs have on productivity? The Inputs and Outputs show how much of a product is imported, when products are imported and exported thought out the country they increase productivity.
7. How do investments in capital goods, technology, human capital, training, and educating workers, improve productivity and economic growth? You invest into capital goods, technology, human capital, training, and educating workers that improves productivity because smarter workers find ways to complete more work in less time. Human capital and technology increases productivity because they aid the workers so that more work can be completed.
8. Refer to the chart below and explain the cause of the decrease in the output, productivity, and employment in manufacturing in the United States. What can the United States do to reverse this downward trend in manufacturing? the unemployement is high because they doesnt have many workers producing the output.
Reflection: What are two questions that you still have about these particular standards? What way would market economy be useful? How do inputs and outputs show scarcity?
