Explain the types of economics systems

Assignment Help Macroeconomics
Reference no: EM13201217

About economics and the meaning of 3 economic systems traditional, command, market.

traditional i undestand as peooples ecomonic passed down from previoius generations, traditions decide what theses people do for a living and how work is done.

command the maid decision maker is the government no person may independently decide to open and run any kind of business.

market: it is one nations economic decision are the result of individual decisions by buyers and sellers in the market place. 

Explain how do the following types of economics systems capitalism , socialism, and communism fall under : market , tradition, and command. 

Reference no: EM13201217

Questions Cloud

State a system of equations to model the problem : a) write a system of equations to model this problem b). graph this system and use the graph to estimate how much was invested in each fund?
Explain solving systems of linear equations : Write a paragraph or two comparing and contrasting all methods of solving systems of linear equations with two variables. Explain which method you prefer and why.
Define determination of the relative pirces in the markets : An energy supply firm has the following deman curves for both domestic(m) and commercial(c) consumers of its product: Qm=40-5Pm, Qc=60-10Pc. The total cost function for the firm (C) is described by the following equation: C(Q)=120+0.025Q^2, Where ..
Compute the standard deviation of percentages : Based on this histogram, estimate the standard deviation of the sample of percentages. Carry your intermediate computations to at least four decimal places
Explain the types of economics systems : Explain how do the types of economics systems capitalism , socialism, and communism fall under : market , tradition, and command.
Evaluate the price elasticity of demand in each submarket : Dertermine the profit maximizing level of output to be produced and sold in each submarket. What price should the firm charge in each submarket.  Evaluate the price elasticity of deman in each submarket.
State find the amount of work in foot-pounds : Find the amount of work in foot-pounds required to empty the trough by pumping the water over the top. Note: The weight of water is pounds per cubic foot.
A nuclear cooling tower is in the shape of a hyperboloid : A nuclear cooling tower is in the shape of a hyperboloid (that is, a hyperbola rotated around its conjugate axis). The equation of the hyperbola is (x^2/3600)- (y^2/6400)=1.
State how much higher is the red ball two seconds : Find a polynomial D(t) that represents the difference in the heights of the two balls. b) How much higher is the red ball 2 seconds after the balls are tossed?

Reviews

Write a Review

Macroeconomics Questions & Answers

  Illustrate cantina''s demand and marginal revenue curve

Find the Cantina's marginal revenue function and in the same diagram, illustrate the Cantina's demand curve and marginal revenue curve.

  Illustrtae the possibly changes which the accrual accounting

Illustrtae the possibly changes which the "accrual" accounting or the "cash basis" could bring into the financial statements.

  Merger market power

A hearing is scheduled for your company to present arguments that your firm has not increased its market power through the merger. Can you do this and how. What evidence might you bring to the hearing?

  Determine the measured unemployment rate

Assume the population over age 16 is 160 million, number of discouraged employees is 10 ml, the labor force is 110 ml and the total employment is 90 ml.

  Define total profit as difference in total revenue and cost

Define Q to be level of output produced and sold, and suppose that the firm's cost function is given by the relationship;

  At what point does her budget constraint kink

Sam arrived on campus at the beginning of the academic year with $480 to spend on textbooks and CDs. The price of a textbook is uniformly $80 and the price of a CD is always $20. Her parents made a deal with her - after Sam spends $240 of her own ..

  Why might banning advertising drive up prices

A clinic finds that by eliminating appointments it can reduce costs. The clinic is able to eliminate some telephone staff, and physicians become more productive. Patients wait until the physician is available, so there is virtually no down time. D..

  Research results on macro economic

As an employee of World Bank you've been asked to research the needs of a country with a particular economic concern.

  What is the real mortgage interest rate

What is the real mortgage interest rate in 2001, 2002, 2003 and 2004, what are the values in 2000 dollars of Nancy's monthly mortgage payments in 2001, 2002, 2003, and 2004?

  Elucidate the difference between gdp and gnp

Elucidate the difference between GDP and GNP. What adjustments needs to be made to GDP to arrive at GNP.

  Explain does player b have a dominant strategy

Now suppose the same game is played with the exception that Player A moves first and Player B moves second. Using the backward induction method discussed in the online class notes, what will be the outcome of the game

  Provide reasons to explain what the government

Provide reasons to explain what the government would have to do to keep the unemployment rate

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd