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Name Period Date Semester 1 Final: You and the Economy CBA Responsible citizenship requires careful consideration of the role people play in the local, national, and global economy. Evaluate the career.

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In a market economy, producers make production decisions and individual consumers make purchases decisions . Producers that offer products that do not appeal to customers go out of business. In a command economy, the government makes decisions about what kind of shoes to produce.

In a free-market (capitalist) economy, individuals own the factors of production: Businesses produce products. Consumers choose the products they prefer leading the companies that produce them to make more profit.

Explanation: The concept in question here is economic efficiency, which involves using resources to produce the maximum amount of goods and services. Economic efficiency is achieved when an economy effectively uses its resources to meet the most wanted goods and services without wastage.

In a Free Market Economy, the production of goods and services is determined by consumer demand rather than controlled by a central government.

Answer and Explanation: The major reason why the individuals, firms, or the government make the decisions to take small steps as compared to the larger steps to achieving the major economic goal is the need to minimize the possible risks or losses that can be faced in the practices.

What Is Utility? In economics, utility is a term used to determine the worth or value of a good or service. More specifically, utility is the total satisfaction or benefit derived from consuming a good or service.

In a purely free market economy, on the other hand, the law of supply and demand, rather than a central planner, regulates production and labor. Companies sell goods and services at the highest price consumers are willing to pay while workers earn the highest wages companies are willing to pay for their services.

In a market economy, the producer gets to decide what to produce, how much to produce, what to charge customers for those goods, and what to pay employees. These decisions in a free-market economy are influenced by the pressures of competition, supply, and demand.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
Content Takedown Policy
Bug Bounty Program
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
+1 833 426 79 33
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232