Homework Help: Questions and Answers: Which situation best illustrates how market economies meet their citizens’ needs for employment and income?
A. A parent teaches a child to farm using centuries-old techniques.
B. A corporation hires an engineer who has just graduated from college.
C. A religious organization selects a young person to become a priest.
D. A government agency assigns a laborer a job working in a factory.
Answer:
First, let’s understand what a market economy is:
- A market economy is an economic system in which supply and demand determine the prices of goods and services. Decisions about production and employment are primarily made by private businesses rather than the government.
- In a market economy, jobs and income opportunities are often driven by business needs and the skills of workers.
Given Options: Step by Step Answering
A) A parent teaches a child to farm using centuries-old techniques
- This option reflects a traditional economy where customs and traditions drive economic activities. It doesn’t show how a market economy provides employment or income, as it lacks business involvement and market dynamics.
- This is not correct for a market economy.
B) A corporation hires an engineer who has just graduated from college
- In a market economy, private businesses like corporations hire employees based on skills and qualifications. This example demonstrates how businesses offer employment in response to market demands, and workers earn income through employment.
- This is a good illustration of a market economy.
C) A religious organization selects a young person to become a priest
- Religious organizations typically function outside the market economy. This scenario is more about religious or social duties rather than employment driven by economic needs or market demands.
- This is not relevant to a market economy.
D) A government agency assigns a laborer a job working in a factory
- This is an example of a command economy, where the government controls employment and production. In a market economy, employment is not assigned by the government but decided through market forces and private businesses.
- This reflects a command economy, not a market economy.
Final Answer:
Based on the above analysis, the correct answer is:
B. A corporation hires an engineer who has just graduated from college.
This is the best illustration of how a market economy provides employment and income opportunities based on business needs and market forces.
Learn More: Homework Help
Q. How can you increase the security of a wireless network that uses WPA2 with AES/CCMP mode?
Q. What do Accenture clients need to do to drive reinvention in the age of generative AI?
Q. What is a key requirement for transitioning from a legacy digital core to a modern digital core?