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In a market economy what are the most important factors affecting scarcity?
C) the degree to which the government is involved in the allocation of resources.
Describe the allocation of resources in market and mixed economic systems?
In a free market where the demand and supply of resources as return to factors are determined by market forces to determine the resource allocation usually owned by private Enterprise through price mechanism, although government control to some extent also determines the allocation of resources for auxiliary or subordinate production of goods and services in a mixed economic system by planning in the production possibilities by the scarce resource allocation .
When the market does not result in an efficient allocation of scarce resources economists call this?
market failer
How does command economy's differ from a market economy?
In a command economy the government decides how resources are used and what goods and service are produced. In a market individuals make the decisions about how resources are used and what gods and services to provide.
How does resources are allocated in Mixed economy?
Some decisions are taken by the households ad firms, like in a free market economy. Whilst some decisions and resource allocation policies are set by the government.
In a market economy what are the most important factors affecting scarcity?
C) the degree to which the government is involved in the allocation of resources.
Describe the allocation of resources in market and mixed economic systems?
In a free market where the demand and supply of resources as return to factors are determined by market forces to determine the resource allocation usually owned by private Enterprise through price mechanism, although government control to some extent also determines the allocation of resources for auxiliary or subordinate production of goods and services in a mixed economic system by planning in the production possibilities by the scarce resource allocation .
When the market does not result in an efficient allocation of scarce resources economists call this?
market failer
How does a market economy differ from a command economy?
In a command economy the government decides how resources are used and what goods and service are produced. In a market individuals make the decisions about how resources are used and what gods and services to provide.
How does command economy's differ from a market economy?
In a command economy the government decides how resources are used and what goods and service are produced. In a market individuals make the decisions about how resources are used and what gods and services to provide.
How does resources are allocated in Mixed economy?
Some decisions are taken by the households ad firms, like in a free market economy. Whilst some decisions and resource allocation policies are set by the government.
How are resources allocated in mixed economies?
Some decisions are taken by the households ad firms, like in a free market economy. Whilst some decisions and resource allocation policies are set by the government.
How does the free market ensure efficient allocation of resources?
because there is no restriction on the usage of resourses so they can use according to their need.
How does the free market ensurEs an efficient allocation of resources?
because there is no restriction on the usage of resourses so they can use according to their need.
Who gets scarce resources in a market economy?
the government
Why do governments get involved in market economies?
A government may interfere in a market economy to change the allocation of resources in order to achieve a desired improvement in economic/social welfare. Reasons for this gov. interference for change include:to correct a market failure (like a depression/Stock Market crash)to improve the performance of the existing economyto achieve a more equitable distribution of income and wealth
What statement does not describe a market economy?
The problems of scarcity and allocation of resources are addressed by production for use or need rather than productio for profit.
