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Explain the terms:
I) Economic well-being
ii) Economic heritage
iii) Diversification
Step by step
Solved in 3 steps
- Which of the following is the attribute of a new economy? Privatization of state assets Interchanging culture O Liberal ideas MigrationHuman capital is defined as: a. The skills and education that make workers more productive b. The knowledge of the best and most efficient ways to produce goods and services c. The total number of workers available in the economy d. The total amount of financial investment in an economyDiagram the circular flow model. Describe and give examples of each of the participants in the economic system.
- An example of an economic entity is a:a. town.b. business.c. non-profit hospital.d. church.Which of the following types of economy describes the economy of the SULTANATE OF OMAN? A ) Amarket economy. b) A command economy. C )A mixed economy. D )Aplanned economy.Why is GDP per capita is not the same as Economic well-being?
- Why is scientific literacy is important? Answer can be related to decision-making, economic productivity, and education. Please answer in paragraph thanksWhich of the following is NOT a factor of production? A. trucks used by a furniture company for deliveries B. a person developing a production schedule for a new product C. financial capital, or money available to be loaned or invested D. forested areas that have yet to be developedGoods made by people in the past and now is used to produce other goods and services is called, a. financial capital b. human capital c. physical capital d. Land
- econ questions! micro!!In economics, How might productivity be measured for each of the following industries ? a. Education(e.g., elementary and secondary education, higher education—undergraduate and graduate) b. Government (e.g., the Social Security Office, the Internal Revenue Service) c. Manufacturing (e.g., soap and toothpaste, computers, heavy machinery) d. Finance and insurance (e.g., banks, insurance companies, brokerage houses)What are the three economic sectors? Provide explanations and examples for each. How does the United States being a tertiary sector economy impact your personally? Please answer in 250 words