Inefficiency in an economy can be caused by a. misallocating resources. All of the above are correct. A demand curve is a. a graphical depiction of a demand schedule. Productivity has sped up in the past 20 years. Economic theory simplifies relationships to explain how the relationships interact.
Economic models are small-scale versions of the economy.
They represent the economy accurately. Economists disagree on most economic issues facing an economy. The economy is a social mechanism that transposes inputs into outputs. Corporations own a very small percentage of business assets. The federal government receives most of its revenue from personal income taxes and payroll taxes.