Micro (1)

To refute something means to contradict it, disprove it or show it to be false.

True

Supply and demand, total satisfaction of consumers and marginal utility.

<p>Increased efficiency, productivity and innovation. The ability to adjust to change. Individual freedom. The variety of goods and services created. The high degree of consumer satisfaction. Competition. Efficient resource allocation.</p> Signup and view all the answers

<p>The government can be wasteful with resources, the level of production is not always responsive to market demand. Lack of competition, innovation and efficiency. Black market (corruption). Less economic freedom. Government may not share the same aims as the majority of the population.</p> Signup and view all the answers

<p>Low levels of inequality and unemployment. Reduction of market failure and to efficient use of resources. Periods of economic growth. Profits used to expand production. Consumers receive basic necessities.</p> Signup and view all the answers

<p>Production of goods and services is planned to meet society's needs and wants.</p> Signup and view all the answers

<p>Free market economy, planned economy and mixed economy.</p> Signup and view all the answers

<p>The free market economy is private ownership, economic decision-making, while the planned economy is public sector: resource ownership, economic decision-making.</p> Signup and view all the answers

<p>The interdependence between economic decision-makers interacting and making choices in an economy: banks, firms, households, the government.</p> Signup and view all the answers

<p>Leakages are withdrawals from the circular flow of income, while injections are the additions to the flow.</p> Signup and view all the answers