Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

(3) Economists provide _________and forecasting to inform decisions within companies and governments. This knowledge of economics - or economic intelligence - is based on data

(3) Economists provide _________and forecasting to inform decisions within companies and governments. This knowledge of economics - or economic intelligence - is based on data and modelling. (4) Moving workers may be necessary to fulfill _________economic plans created by central planners. These long-term plans are a key part of command economies - such as the five-year plans adopted in the Soviet Union. (5)A _________economic system is where the means of production is owned and controlled by private enterprise rather than the government. (6) Under a ___________economic system, central powers own the means of production, so can, therefore, shift it to where they see fit.

(7) When consumers demand goods, it sends a signal to businesses for them to produce more. Equally, when demand for goods falls, it sends a signal to businesses to produce less. This in turn forces the business to offer ________products that consumers may desire instead.

(8) Private _____________can arise and over-charge consumers and provide low-quality goods. On the other hand, it can be argued that the capitalist system is self-regulating over the long term.

(9)A ___________economic system often has some level of private ownership of the means of production.

(10) If the ______________level is on the curve, the country can only produce more of one good if it produces less of some other good.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Entrepreneurship

Authors: Andrew Zacharakis, William D Bygrave

5th Edition

1119563097, 9781119563099

Students also viewed these Economics questions