How can the use of new technology and industry benefit the US government?
How can the use of new technology in industry benefit the US government? The government can purchase materials from anywhere. The government can rely on automation to reduce costs. The government can react to economic changes quickly.
Which group typically predicts trends in industry based on pattern?
It would be economists that typically predict trends in industry based on patterns.
What is the best definition of economic data?
what is the best definition of economic data? economic data is information used for calculation, analysis, or planning. Producers can generate instant sales by using. websites.
How can the use of new technology and industry benefit consumers?
How can the use of new technology in industry benefit consumers? Consumers have greater access to information. What is one way that technology can improve the distribution of goods? Container ships can transport a number of goods at once.
How can the government reduce the wealth gap in a mixed market economy?
How can the government reduce the wealth gap in a mixed market economy? The government can tax members of the wealthy class at a lower rate to address differences in income. The government can improve education to provide new opportunities for workers in the lower class.
What statement best describes the impact of scarcity?
The best sentence to define scarcity is C) Governments must try to meet the wants of citizens. The meaning of scarcity, in general, is to want more than you can have. In this regard, scarcity means to want more and more without an end even when there are limited resources to back up the needs.
What are some benefits to private ownership select three answers?
Private ownership provides offices for government workers. Private ownership provides land or goods for all citizens to use. Private ownership can make it possible for a business to earn money. Private ownership might help a person move to another economic class.
How does a production possibility Chart assist in outlining opportunity cost quizlet?
How does a production possibility chart assist in outlining opportunity cost? It compares profit potential of one product to another. It compares production numbers of one product to another. It compares consumer demand of one product to another.
What role do government agencies play in a mixed market economy quizlet?
What role do government agencies play in a mixed market economy? They regulate some aspects of production and distribution. What might happen if an economy is unable to produce wanted goods and services? People will look elsewhere for them.
What are the 5 economic indicators?
Top 5 Economic Indicators for Global Investors Gross Domestic Product. GDP represents the market value of all final goods and services produced within a country during a given period. Employment Indicators. Consumer Price Index. Central Bank Minutes. PMI Manufacturing & Services.
What is the role of the three questions of economics?
The role of three question of economics is to act as the basic principle of production decision making. “What to produce”, “How to produce”, and “For whom it should be produced” are the three basic questions of economics.
What are the 3 types of economic indicators?
There are three types of economic indicators: leading, coincident, and lagging.
Which situation is the best example of competition in an economic system?
the best example of competition in an economic system – A small CD store slashed its prices to attract customers from a larger store that sells CDs and DVDs.
How can the production of goods benefit from the use of technology?
Increased automation of tasks has also led to increased production of goods and services. Technology also speeds up the production process, while ensuring that the good quality of output is maintained. For instance, crawler excavators in construction sites work faster in digging out huge boulders than manual laborers.
Which statement best describes a pure market economy?
Which statement best describes a pure market economy? Producer intervention in economic choices is strictly forbidden. The government determines economic choices and makes most decisions. The decisions made by producers and consumers drive all economic choices.