7.Governments can sometimes improve market outcomes. Market failure may also be caused by market power,whieh is the ability of a single person or firm to unduly influence market prices
7. Governments can sometimes improve market outcomes. Market failure may also be caused by market power, which is the ability of a single person or firm to unduly influence market prices
8.The standard of living depends on a country's production Standard of living may be measured in different ways: By comparing personal incomes. By comparing the total market value of a nation's production
8. The standard of living depends on a country’s production. Standard of living may be measured in different ways: By comparing personal incomes. By comparing the total market value of a nation’s production
8.The standard of living depends on a country's production. Almost all variations in living standards are explained by differences in countries'productivities
8. The standard of living depends on a country’s production. Almost all variations in living standards are explained by differences in countries’ productivities
8.The standard of living depends on a country's production. Productivity is the amount of goods and services produced from each hour of a worker's time. gher productivityHigher standard of living
8. The standard of living depends on a country’s production. Productivity is the amount of goods and services produced from each hour of a worker’s time. Higher productivity Higher standard of living
9.Prices rise when the government prints too much money:-+- Inflation is an increase in the overall level of prices in the economy. One cause of inflation is the growth in the quantity of money. When the government creates large quantities of money,the value of the money falls
9. Prices rise when the government prints too much money. Inflation is an increase in the overall level of prices in the economy. One cause of inflation is the growth in the quantity of money. When the government creates large quantities of money, the value of the money falls