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When the market does not result in an efficient allocation of scarce resources economists call this?
market failer
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.
How does market and government differ in allocation of resources?
the difference in market and government occurs in the allocation of resources and labor division which determines the prices
What prompts efficient resource allocation in a well-functioning market system?
A number of things will prompt efficient resource allocation in a well-functioning market system. The quantity and the price of the commodities are the main aspects.
When the market does not result in an efficient allocation of scarce resources economists call this?
market failer
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.
How does market and government differ in allocation of resources?
the difference in market and government occurs in the allocation of resources and labor division which determines the prices
What is considered in efficient allocation of resources?
When the market rewards you: As a customer: with falling prices and increasing quality As a producer: with an increase in revenue, and customer volume
What prompts efficient resource allocation in a well-functioning market system?
A number of things will prompt efficient resource allocation in a well-functioning market system. The quantity and the price of the commodities are the main aspects.
What three problems in the free market work against the efficient allocation of resources?
1.Imperfect conpetition 2.spillover costs/externalities 3.Imperfect Information.
What prompts efficient resource allocation in well functioning market system?
business operating for a profit
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 allocation of goods and services by a modern mixed economy is not efficient?
Market powers can block beneficial gains
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 prompts efficient resource allocation in a well functioned market system?
business operating for a profit
