Why would a firm demand land from households in the resource market? • (4 votes) Hi Aryan, (22 votes) Please confirm I have this right: In Market Economies, in addition to prices "controlling" the product market, prices also "control" the resource market. This would explain why, in market economies, an employee's field of work impacts the size of their wages: an employee with a scarce-yet-much-demanded-skill-set can charge lots of money for their "resources". • (12 votes) Why is the capital in exchange of interest? • (8 votes) Capital would mean the tools, machinery, buildings, etc provided to the government in exchange of money (interest). (5 votes) "Rent is the payment firms make to household in the exchange for land". What if the firm bought that land? Do the firms still need to pay rent or now it has become capital, and firms need to pay interest? And what are the example of "household" as the owner of resources? I could only think household as in a member of a house/dwelling. Which in its smallest scale, only provide • (4 votes) the firm that owns the land is itself owned by folks that are the shareholders (or, in a small firm, it can be just the proprietor). (1 vote) are there any online teachers for grade 10 students on this topic cause i feel like i need to be thought to understand • (3 votes) Hi, • (3 votes) im confused on what the economic systems is. Are there specific kinds? or just one simple definition? I read the whole thing but i still dont understnd • (1 vote) A command economy is one where the government has a large or complete control of the economy (for example communist or socialist states such as North Korea or the former USSR). Market or mixed economies give power to both the government and individual firms and households. An example of this is the USA economy where the private sector (firms) is not controlled extensively by the government. (4 votes) thanks is was helpful enough • (2 votes) How does a big movie production company like Pixar use capital (and what kind of capital does it use)? I imagine the company would be involved in different resources than, say, a company producing physical products. • (2 votes) If Household sell labor for wage, does this means each individual is a household for their own labor? Because all individual can work (use their labor) in exchange for wage. • (2 votes)Want to join the conversation?
It could be for the interest of building a shopping center or a bridge or roadway etc. where they would need to purchase the land in order to demolish it to make room commercializing. I believe that would be an instance of why.
And what does the interest mean here?
labor to firms.
So ultimately "households" indirectly own the land the firms are using. in this case the "interest" would be the dividends paid to the stockholders.
Note: not all households equally own stuff, Rich folks are "households" that own lots of stuff, and poor folks are folks that often provide only labour.
I am not confident that this is an error and perhaps I am the only user suffering it.
It seems as though there is a large jump in unexplained concepts between the 2 videos featured in this unit and the Overview.
Is some content missing or are there only meant to be the videos: "Property rights in a market system" and "Markets and property rights"? If so, it seems like a large jump in the content.
Thanks guys, I appreciate what you do!
Lesson overview: economic systems, the role of incentives, and the circular flow model (article) | Khan Academy (2024)
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