ECON312-Notes on Week 4 Quiz-1

ECON312-Notes on Week 4 Quiz-1 - Notes on questions asked...

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Notes on questions asked in this week’s quiz: 1. We know the factors of production are land, labor, capital, and entrepreneurship. In this context most of us, can earn our income from the products and services produced by our labor and by earning a wage 2. India is a very entrepreneurial country and they are entrepreneurial because in India there are limited wage opportunities than there are in the United States. 3. Households choose what to consume and firms determine what to produce. The choices create a flow of the expenditure on goods and services from the households to firms and a flow goods and services from firms to households and through the goods market. Firms choose how to produce. These choices create a flow of factors of production from households to firms and factor incomes from firms to households through factor markets. 4. Inequality inside most countries has increased has increased. Inequality across the whole world has decreased during the past 20 years. The number of people who
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