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Discuss a way that your family interacts in the factor market and a way that it interacts in the product market.
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- B. Describe a way that your family interacts in the factor market and a way that it interacts in the product market.What examples do you have of goods or services that are both consumer goods and resources depending upon the context in which those goods are used?what is the significance of economics. Explain in details.
- Find one positive or one normative statement. Explain how you know they are either a positive or normative statement.Can you identify and explain your family’s interaction in the market for factors of production and your family’s interaction in the market for goods and services.Answer this microeconomics question and draw it out for me to help me understand
- Which statement best describes the role of consumers in economics? They provide wide range of services. They decide where to sell goods They determine how to use resources. They control production costs.Economics affects nearly everything we do in some way. Someone else has produced most items we consume, or use, in our daily lives, from food to clothes to music to gas for our cars. Chances are, when we purchase these daily items, we don't question the price with the producer. But in the United States, the interactions between the consumers and producers determine quite a lot in terms of business and economics. Think about the items and services that you and your family buy or consume. What causes you to pay the prices that you do for these goods and services? What determines the price that's on the price tag? What goes into determining, or setting, that price? Consider all the possible elements that could influence the prices you pay.Think about your own life. Maybe you are willing to spend 50 or 60 hours a week between school and work. Maybe you take care of young children and have a lot of home life responsibilities and you only spend 20 hours between school and work. Draw your own personal Production Possibilities Frontier (PPF) for time spent doing school and work. Remember to plot out multiple possible combinations and then draw a line to connect them. Explain where you operate on your PPF and why. What are some of the opportunity costs you have to weigh to determine where you will operate along your personal PPF curve?