Question
In: Economics
2. In each of the following cases, state (i) whether the action is happening in the...
2. In each of the following cases, state (i) whether the
action is happening in the goods market, the labor market, or the
financial capital market, and (ii) whether it is on the supply side
or the demand side of that market.
a. Abe walks to the corner store for a quart of milk;
b. Bertha makes a deposit in a bank savings account; c. Cory’s
Cab Company opens for business;
d. Druscilla takes a job cutting hair;
e. Edwardo gets a student loan;
f. Ferdinand borrows money from the bank to buy a new truck
for his trash-hauling business; g. Griselda’s Grocery decides to
hire two more cashiers.
Solutions
Expert Solution
a. Abe walks to the corner store for a quart of milk
The action is happening in the goods market and on the demand side. Abe is causing a demand for milk.
b. Bertha makes a deposit in a bank savings account
By depositing money into the bank, Bertha is making money available for lending by the bank. Hence, this action is happening in the financial market on the supply side.
c. Coby's cab company opens for business.
This is making services available for consumers. Hence, it's happening on the supply side of the goods market. It also creates demand in the labour market as the company needs new drivers.
d. Druscilla takes a job cutting hair. This action is happening on the supply side of the labour market.
e. Edwards gets a student loan. This action is happening in the financial market and it is happening on the supply side as the financial institution is supplying money.
f. Ferdinand borrows money from the bank to buy a new truck for his trash hauling business. This action is increasing demand for money. Hence, this action is happening on the demand side of the financial market.
g. Griselda's Grocery decides to hire two more cashiers. This is increasing the demand for labour supply. Hence, the action is happening on the supply side of the labour market.
Rahul Sunny answered 1 year agoRelated Solutions
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