final review - What are the six economic problems? What...

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What are the six economic problems? What commodities should be produced? How much of each commodity should be produced? How should commodities be produced? For whom should commodities be produced? Where commodities should be produced? When should commodities be produced? What is consumer sovereignty? When firms in the pursuit of profit will produce those commodities which consumers value the most. Who are the ultimate owners of human and non-human resources? How does it work? American households are the ultimate owners. They sell these resources to the business sector in return for income, which in turn is used to buy goods and services from the business sector. Who determined that demand and supply jointly determine commodity price and quantity? Alfred Marshall What is one of the most important factor in consumer demand and why? Taste/ Preference. What is macroeconomic accounting? Macroeconomic accounting is a record keeping operation for the whole economy. It follows economic variables such as GDP and its components. What are the four economic problems?
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This note was uploaded on 04/06/2011 for the course MISC 101 taught by Professor Misc during the Spring '11 term at Long Island U..

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final review - What are the six economic problems? What...

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