Mid term:
Part A
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Get Help Now!We recently spoke about Households as Income Receivers.
Explain:
- the relationship between household income and household consumption.
- the sources of economic inequality.
- what we mean by the U.S. is a Mixed Economy.
- the pivotal role of the Government in a Mixed Economy.
- the difference between entitlement programs and social insurance.
Explain in detail.
Part B
Explain what are changes in demand, demand shifters? Explain in detail.
Part C
Consider the example of congestion and traffic jams in the text:
“Congestions occurs when too many drivers want to use existing roads which have a fixed capacity. If using the existing roads were more costly – due perhaps to an increase in tolls or taxes – fewer people would use the roads, which would in turn reduce congestion.” Carbaugh, 2017.
Explain what factor was used to affect demand. Explain in detail.
Part D
Your text briefly references Adam Smith Wealth of Nations. Explain the Wealth of Nations. Cite sources as appropriate. Worth 5 points. Explain in detail.
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