Create an informal hand-written spreadsheet

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Reference no: EM13782020

Create an informal hand-written spreadsheet of your own household economy. Identify all the factors of production that your household owns, and count all the person-hours available and any capital.

Discuss how these resources are allocated and by what methods, such as market price, command, majority rule, sharing equally, and first-come- first serve. Also, discuss whether your household's resources are allocated efficiently.

Are they allocated fairly? Think about the two ideas of fairness and how they apply in your household.

Reference no: EM13782020

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