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Chapter 1: Q 13. (page 25)

What are examples of individual economic agents?

Short Answer

Expert verified

The two main economic agents are:

  1. Households
  2. Businesses

Step by step solution

01

Step 1. Defining Economic Agents

Economic Agents are decision-makers who affect the economy with economic activities like buying, selling, and producing.

Some economic agents are households, businesses, workers, firms.

02

Step 2. The main economic agents.

There are two main economic agents.

  1. Households - They comprise individuals living in the same house. They provide labor to businesses in exchange for wages and salaries.
  2. Business firms are where goods are produced. They supply goods and services in return for money.

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Most popular questions from this chapter

Are firms primarily buyers or sellers in the goods and services market? In the labor market?

International trade benefits a nation when

  1. Its revenue from selling abroad exceeds its outlays from buying abroad.
  2. Its trading partners experience reduced economic well-being.
  3. All nations are specializing in producing what they do best.
  4. No domestic jobs are lost because of trade.

What is globalization? How do you think it might have affected the economy over the past decade?

The main reason that some nations have higher average living standards than others is that

A. the richer nations have exploited the poorer ones.

B. the central banks of some nations have created more money.

C. some nations have stronger laws protecting worker rights.

D. some nations have higher levels of productivity.

What is an example of a problem in the world today, not mentioned in the chapter, that has an economic dimension?
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