Answer to Question #137030 in Microeconomics for Pravin Tharachandra

Question

QUESTION 1

Is the problem of coordination common to all economies? Explain how the problem is met in a market economy and how coordination was dealt with in a command economy.

 

QUESTION 2

With using circular flow model briefly explain the movement of factor of production and good and service in a market. 

QUESTION 3

Imagine a society that produces military goods and consumer goods, which we’ll call “guns” and “butter”. Draw a production possibilities frontier for guns and butter. Explain the concepts of scarcity, choice, opportunity cost.

Answer 1

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