Present your understanding of the ‘Circular Flow’ , by describing the role each of the five main economic institutions and markets play in the success of a ‘Mixed Market Economies’ ability to deliver quality high school education to its citizens.”
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Part 5 Question A: “Economic Systems”
Prompt: “Present your understanding of the ‘Circular Flow’ , by describing the role each of the five main economic institutions and markets play in the success of a ‘Mixed Market Economies’ ability to deliver quality high school education to its citizens.”
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- Which of the following is NOT one of the key fundamental economic questions of an Economic System? Question 26 options: What to Produce? How to Produce it? The Government putting a tax on a Product? For Whom to Produce it?Categorize the following as microeconomic or macroeconomic questions: (vii) Why are interest rates rising? (viii) Why are economic growth rates different in the Jamaica and Antigua?Provide a critical discussion on each of the following economic systems. Discussion should include clear definition and discussion on any two advantages and two disadvantages of each system.(i) Free Market Economy(ii) Command Economy
- The decision-making process involves interaction among many aspects of a nation's culture, such as its laws, form of government, ethics, religions, and customs. Each economic system can be classified into one of three basic types: (1) traditional, (2) command, or (3) market. 1. Study Questions and Problems #1 A central planning agency called the Gosplan set production quotas and prices for the entire economy. For example, the Gosplan decided what wages a dairy farmer should earn, how much land can be used to grow hay, and what the cows should be fed. What type of economy best corresponds to this culture? The market economy The command economy O The traditional economy Capitalism Socialism Communism O O In the following table, indicate which economic system best matches each description. Description An economic system characterized by private ownership of resources and market-based delivery of goods and services An economic system characterized by government ownership of resources and…Question: Which of the following best illustrates the economic way of thinking? a)The ability to use cartographic techniques to describe the natural and human world in maps. b)The science of predicting fish populations based on environmental conditions, population, dynamics and commercial harvest rates c)The capacity to critically evaluate art and theatre. d)The ability to look at an event, such as a cold freeze that damages the orange crop, and predict how it will affect prices and markets.In which framework for organizing the global economy does “the market (properly manipulated) stands as the ultimate arbiter of truth; the pinnacle of achievement” according to Philip Mirowski, and the entrepreneur provide a dominant model of personhood? 1.Development 2.Agrarian Capitalism 3.Fordism 4.Neoliberalism 5.Colonialism
- Reading Comprehension : Read the text and answer the questions below. Producers and consumers Once people could only trade what they could produce with their hands or find in nature for things that other people had made. Then money became a medium of exchange and economic systems were created. Today, developments in industry and technology have enabled vast quantities of goods to be manufactured, transported, and traded, and a range of services like insurance, banking and retail have also appeared. In the digital age, services such as online shopping have made selling goods even easier and trade is now more global than ever. Have these transformations made our lives better? The most obvious benefits of trade relate to consumer choice. There are so many goods and services to choose from that shopping has now become a leisure activity for many people. The internet has also allowed shoppers to compare prices and choose the best deal. However, there are winners and losers; not all…Reading Comprehension : Read the text and answer the questions below. Producers and consumers Once people could only trade what they could produce with their hands or find in nature for things that other people had made. Then money became a medium of exchange and economic systems were created. Today, developments in industry and technology have enabled vast quantities of goods to be manufactured, transported, and traded, and a range of services like insurance, banking and retail have also appeared. In the digital age, services such as online shopping have made selling goods even easier and trade is now more global than ever. Have these transformations made our lives better? The most obvious benefits of trade relate to consumer choice. There are so many goods and services to choose from that shopping has now become a leisure activity for many people. The internet has also allowed shoppers to compare prices and choose the best deal. However, there are winners and losers; not all…Reading Comprehension : Read the text and answer the questions below. Producers and consumers Once people could only trade what they could produce with their hands or find in nature for things that other people had made. Then money became a medium of exchange and economic systems were created. Today, developments in industry and technology have enabled vast quantities of goods to be manufactured, transported, and traded, and a range of services like insurance, banking and retail have also appeared. In the digital age, services such as online shopping have made selling goods even easier and trade is now more global than ever. Have these transformations made our lives better? The most obvious benefits of trade relate to consumer choice. There are so many goods and services to choose from that shopping has now become a leisure activity for many people. The internet has also allowed shoppers to compare prices and choose the best deal. However, there are winners and losers; not all…
- Reading Comprehension : Read the text and answer the questions below. Producers and consumers Once people could only trade what they could produce with their hands or find in nature for things that other people had made. Then money became a medium of exchange and economic systems were created. Today, developments in industry and technology have enabled vast quantities of goods to be manufactured, transported, and traded, and a range of services like insurance, banking and retail have also appeared. In the digital age, services such as online shopping have made selling goods even easier and trade is now more global than ever. Have these transformations made our lives better? The most obvious benefits of trade relate to consumer choice. There are so many goods and services to choose from that shopping has now become a leisure activity for many people. The internet has also allowed shoppers to compare prices and choose the best deal. However, there are winners and losers; not all…Reading Comprehension : Read the text and answer the questions below. Producers and consumers Once people could only trade what they could produce with their hands or find in nature for things that other people had made. Then money became a medium of exchange and economic systems were created. Today, developments in industry and technology have enabled vast quantities of goods to be manufactured, transported, and traded, and a range of services like insurance, banking and retail have also appeared. In the digital age, services such as online shopping have made selling goods even easier and trade is now more global than ever. Have these transformations made our lives better? The most obvious benefits of trade relate to consumer choice. There are so many goods and services to choose from that shopping has now become a leisure activity for many people. The internet has also allowed shoppers to compare prices and choose the best deal. However, there are winners and losers; not all…Reading Comprehension : Read the text and answer the questions below. Producers and consumers Once people could only trade what they could produce with their hands or find in nature for things that other people had made. Then money became a medium of exchange and economic systems were created. Today, developments in industry and technology have enabled vast quantities of goods to be manufactured, transported, and traded, and a range of services like insurance, banking and retail have also appeared. In the digital age, services such as online shopping have made selling goods even easier and trade is now more global than ever. Have these transformations made our lives better? The most obvious benefits of trade relate to consumer choice. There are so many goods and services to choose from that shopping has now become a leisure activity for many people. The internet has also allowed shoppers to compare prices and choose the best deal. However, there are winners and losers; not all…