Economics Questions and Answers

What is the commerce and slave trade compromise?
This contract was signed during the Constitutional Convention. The aim of the agreement was to protect the slave holders. The compromise included cancelation of the rule to tax the exports of products from any state as well as the rule to act on the slave trade.
Economic systems differ according to what two main characteristics?

In general, the economic system indicates the system of producing and selling goods within the society. It differs according to the owner of the production factors and regarding the methods which are used to manage the economic activity of the company.
Economy vs Compact car – which is bigger?
If the price is not much different between these two options, take the compact car. It is not only more comfortable, but larger. However, some car models may have other characteristics. So, check the number of seating places and fuel economy in both models to compare.
What did large southern plantations depend upon for a successful economy?
The economy of plantations was based on the export of crops, so its success depended on many factors, such as established export links and productivity of the land. Southern plantations also existed at the expense of not paid slave work; that was the reason why Southern states were against the abolition of the slave trade at the Convention in 1787.
How long does economy shipping take?
Economy shipping does not necessarily mean that you have to wait for your order for a long time; everything depends on what is to be delivered and the distance between the point of departure and the point of delivery. Under favorable conditions, it takes several days but usually a week or two. Delivery between distant countries could take three weeks or a month.
What are the two main functions of economic system?
Enduring economic growth and ensuring full employment are two primary functions of every economic system. The former includes gradual expanding of producing goods and providing services, and the latter means that the resources shouldn’t be idle. There is another more typical list of functions, but there are four of them: what, how, for whom to produce, and how to distribute goods.
Pure monopolists may obtain economic profits in the long run because?
The monopolists may get financial profits because of barriers to entry. It is a rare instance when one company is the only one provider of a particular product, but when it happens, the monopolists may earn lots of money. When all the competitors are put aside thanks to those barriers to entry, the monopolists make lots of money.
What is economy shipping?
Economy shipping means the cheapest option of transportation, which is chosen by a company at the expense of time in order to save money. This type of haulage is justified only in several cases; usually, it is used by newly emerged business, or companies that are experiencing a period of crisis, for which excess costs are extremely unwanted, and for non-urgent deliveries.
In addition to obvious disadvantages, economy shipping also includes restrictions on the weight and content of the transported production.
Why do economists describe the US economy as a mixed-market economy?
Market economy implies free entrepreneurship, a critical role of the market in the regulation of economic relations, and minimal state interference in business activity. Private property has a significant impact on factors of production in the USA. However, the role of the state remains substantial in the economic life of the country; therefore, the economy can be considered as mixed-market.
Economic entity assumption – what is it?
Economic entity assumption is a fundamental accounting rule which helps the accountant to separate the business transaction which refers to the owner of the company from his or her personal transaction. However, it is not legally allowed to tell apart the only ownership from the proprietor himself or herself. This principle states that all the transactional info which belongs to the entity is not connected to the additional transactions related to the company’s business partners of the owner.
ECONOMIC ENTITY ASSUMPTION requires that the accounts of an entity will be kept separate from the entity of its owners.
What if you don’t use all of your financial aid money – is it taken away or can you keep it?
What happens if I don’t use all my financial aid money? If there is some money left it will be refunded back to you. However, you cannot spend this money on everything you want. If you have signed the financial aid contract for educational purposes, you will be able to buy something related to education only (books, courses, notebooks, etc.).
What is one way a country could change from a command economy to a market economy?
A1: The main characteristic of the transition from a command economy to a market economy in any country is the privatization process which refers to all state-owned organizations and businesses. Other significant features include no price control by the government and no tariff barriers.
A2: A country can turn into market economy only if there are fewer companies which are owned by government. There should be more a developed private sector. What is one way a command economy affects the lives of private citizens? It is that people can change their job positions relatively easily.