Solution for QID #1395: The game of economics- US Global Economics 1 Define econo | StudyHelpMe

The game of economics- US Global Economics 1 Define economics using the following terms: allocation, distribution, goods, resources, production, and services 2 What is scarcity, and how does it affect supply and demand in the game of economics? 3List the main differences between a free-market system, a command economy, and a mixed economy 4 What type of economic system does the United States have? Explain 5Name the three factors of production and two payment types in the circular flow model You may draw a diagram and label the necessary components if you wish 6Describe how subjectivity and other factors affect a person’s calculation of cost and benefit Give an example of a cost-benefit analysis you have performed 7What is technology? Name the two forms that technological advancement can take 8 Give an example of a technology that led to greater productivity and explain how it did so