The Three Questions of Economics

Question 1

Which part of Suarez Farms represents the capital invested in the business?

Revolt · Accepted Answer

farm equipment the Suarez family owns

Question 2

Which reasons did you include in your response? Check all that apply.

Revolt · Accepted Answer

providing reliable service; keeping prices low; making durable phones; avoiding unnecessary features; meeting strong customer demand

Question 3

Use the drop-down menus to complete each sentence.

Revolt · Accepted Answer

✔ product; Suarez Farms and Super-Phonic Systems had some difficult decisions about what to make, who to make it for, and how to make it. Each business first had to think about the kind ofor service it wanted to: product; Suarez Farms and Super-Phonic Systems had some difficult decisions about what to make, who to make it for, and how to make it. Each business first had to think about the kind ofor service it wanted to: the market; Suarez Farms and Super-Phonic Systems had some difficult decisions about what to make, who to make it for, and how to make it. Each business first had to think about the kind ofor service it wanted to: customers'; In making their decisions, both companies had to remember the factors of production: land or natural resources,, and capital.: labor

Question 4

the countrytheir workers✔ the market

Revolt · Accepted Answer

✔ the market

Question 5

country's✔ customers'workers'

Revolt · Accepted Answer

✔ customers'

Question 6

profit✔ laborregulations

Revolt · Accepted Answer

✔ labor

Question 7

Based on what you have read about Suarez Farms, what are the costs and benefits of growing organic vegetables? Check all that apply.Growing organic vegetables takes less time, which will keep costs lower.Growing organic vegetables helps improve the health of soil, allowing for a healthier crop.Growing organic vegetables may limit the resources available for new farm equipment. Growing organic vegetables requires more land, limiting how much can be grown.Growing organic vegetables is more expensive than traditional methods.

Revolt · Accepted Answer

Growing organic vegetables helps improve the health of soil, allowing for a healthier crop.; Growing organic vegetables may limit the resources available for new farm equipment.; Growing organic vegetables is more expensive than traditional methods.

Question 8

Which pros and cons did you include? Check all that apply.

Revolt · Accepted Answer

It could cost more to grow organic crops.

Question 9

Based on what you read in the fact sheet, identify the type of customer the company is hoping to reach.Super-Phonic Systems wants to sell phones to customers who:

Revolt · Accepted Answer

need affordable phone service in remote areas.

Question 10

Based on what you have read, provide three reasons why Super-Phonic decided to make a specific type of phone in a specific way.

Revolt · Accepted Answer

Super-Phonic believes that demand among its target customers is strong for its specific products and services. The company thinks it is better than its competitors at providing this type of phone and service at a reasonable rate. Finally, Super-Phonic believes that adding smartphone features to its phones would make them more expensive and less reliable.

The Three Questions of Economics Answers

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