The correct answer is: “competition” .
Is the struggle among sellers for the dollars of consumers?
The struggle among producers for the dollars of consumers; the rivalry among sellers to attract customers while lowering costs. The power of consumers to decide what gets produced. The income people receive for supplying factors of production: labor, land, or capital.
What are two things that a command economy fails to provide?
What are two things that a command economy fails to provide consumers? Competition and consumer sovereignty.
What is the rivalry among sellers to attract customers while lowering costs?
Competition
Competition – the rivalry among sellers to attract customers while lowering costs.
What is the most effective way for consumers to make their desires known to businesses?
What is the most efficient way for consumers to make their desires known to businesses?
| Question | Answer |
|---|---|
| What is the most effective way for consumers to make their desires known to businesses | by the purchases they make |
What is the biggest problem facing command economies socialism?
There are benefits and drawbacks to command economy structures. Command economy advantages include low levels of inequality and unemployment, and the common good replacing profit as the primary incentive of production. Command economy disadvantages include lack of competition and lack of efficiency.
What is the struggle among sellers to attract consumers?
Competition: the struggle among sellers to attract consumers with the best products at the lowest prices.
What is the rivalry among sellers to attract consumers?
Economics Chapter 3 Vocabulary
| A | B |
|---|---|
| Competition | The rivalry among sellers to attract customers while lowering costs. |
| Public Good | A shared good or service for which it would be impracticle to make consumers pay individually and to exclude nonpayers. |
What is the difference between a business cycle and a day to day ups and downs of the market?
The day-to-day ups and downs of the market can be much more extreme than a business cycle. A business cycle is usually more restricted, whereas market fluctuations are worldwide. A business cycle is a major, prolonged fluctuation rather than a day-to-day movement.
When the price of something increases the quantity demanded?
If the price goes up, the quantity demanded goes down (but demand itself stays the same). If the price decreases, quantity demanded increases. This is the Law of Demand. On a graph, an inverse relationship is represented by a downward sloping line from left to right.
What are four basic economic problems?
The four basic economic questions are (1) what goods and services and how much of each to produce, (2) how to produce, (3) for whom to produce, and (4) who owns and controls the factors of production. In a capitalist economy, the first question is answered by consumers as they spend their money.
