What factors constitute the primary determinants of income?
What will be an ideal response?
There are many determinants of income, but for individuals, the major determinants are employment, place of residence, education, and the amount of wealth. The poor are primarily those without jobs, those who live either in the centers of large cities or in rural areas, those without much education, and those with few assets.
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Goods that are actually produced by firms are not really limited in supply, because the firms can always produce more of them.
Answer the following statement true (T) or false (F)
Refer to the above figure. If real Gross Domestic Product (GDP) is $6 trillion, then unplanned business inventories will
A. be zero.
B. rise.
C. be equal to planned inventories.
D. fall.
A firm will operate if ______ is greater than ______; a firm will shut down if ______ are greater than _________.
Fill in the blank(s) with the appropriate word(s).
Discuss the advantages and disadvantages of proprietorships
What will be an ideal response?