Author Question: Explain the differences between a market system, a command economy, and a mixed economy with respect ... (Read 246 times)

kamilo84

  • Sr. Member
  • ****
  • Posts: 495
Explain the differences between a market system, a command economy, and a mixed economy with respect to production and distribution decisions.
 
  What will be an ideal response?

Question 2

The maximum amount Jameson would be willing to pay for a cupcake, less the price he actually pays, is called
 
  A) consumer surplus.
  B) producer surplus.
  C) cooperative surplus.
  D) deadweight loss.



ms_sulzle

  • Sr. Member
  • ****
  • Posts: 320
Answer to Question 1

In a market system, sellers primarily make production and distribution decisions, but they must satisfy the tastes of buyers. In a command economy, the government makes production and distribution decisions. In a mixed economy, buyers and sellers make some production and distribution decisions and the government makes others.

Answer to Question 2

A



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

Stevens-Johnson syndrome and Toxic Epidermal Necrolysis syndrome are life-threatening reactions that can result in death. Complications include permanent blindness, dry-eye syndrome, lung damage, photophobia, asthma, chronic obstructive pulmonary disease, permanent loss of nail beds, scarring of mucous membranes, arthritis, and chronic fatigue syndrome. Many patients' pores scar shut, causing them to retain heat.

Did you know?

Liver spots have nothing whatsoever to do with the liver. They are a type of freckles commonly seen in older adults who have been out in the sun without sufficient sunscreen.

Did you know?

Serum cholesterol testing in adults is recommended every 1 to 5 years. People with diabetes and a family history of high cholesterol should be tested even more frequently.

Did you know?

It is believed that the Incas used anesthesia. Evidence supports the theory that shamans chewed cocoa leaves and drilled holes into the heads of patients (letting evil spirits escape), spitting into the wounds they made. The mixture of cocaine, saliva, and resin numbed the site enough to allow hours of drilling.

Did you know?

Most strokes are caused when blood clots move to a blood vessel in the brain and block blood flow to that area. Thrombolytic therapy can be used to dissolve the clot quickly. If given within 3 hours of the first stroke symptoms, this therapy can help limit stroke damage and disability.

For a complete list of videos, visit our video library