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Who decides what goods and services will be produced in a market economy?
In a market economy, it is the producer, typically influenced by the demands of the consumer, who makes decisions about what to produce. This is in contrast to a command economy where the government makes those decisions.
Why is it important to trade with china?
China makes many goods and items not available in the USA. It has a huge industry and economy which makes it necessary to trade in order to keep our economy at balance.
What is an economy in which the government makes the decisions of goods production?
A command economy is one in which the government makes decisions regarding production, consumption, and all other aspects of the economy. It is a primary feature of any communist society.
System in which the central government makes all decisions on the production and consumption of goods and services?
mixed economy
What of the following terms best describes an economy in which the government makes the decisions of goods production?
The term that best describes an economy in which the government makes decisions regarding goods production is a "command economy." In this system, the government centrally plans and controls all economic activities, determining what to produce, how much to produce, and for whom the goods are produced. This contrasts with market economies, where decisions are driven by supply and demand.
What is an intermidiatel buyer?
Assuming you mean 'intermediate buyer', it is a buyer who makes use of goods and services with the intention of creating further goods or services for the benefit of the economy.
How do industries improve an economy?
they improve the econymy by lowering there prices so more people will buy there goods therefore makes more money which in turn improves the economy
How did the airplane affect the economy?
easier way to export and inport goods or products. also makes tons of jobs for people
What makes allocation decisions necessary?
There are never enough goods and services to satisfy all wants and needs.
What section of the economy makes up the majority of spending on goods and services?
The majority of spending on goods and services in the economy is typically driven by the household sector, which encompasses consumer spending. This includes expenditures on essentials like food, housing, and transportation, as well as discretionary items such as entertainment and luxury goods. Consumer spending is a key component of GDP, reflecting the overall health and confidence of the economy.
How are economic decisions made in a command economy?
In a command economy, the government makes the economic decisions. This means that they control industry (including manufacturing and agriculture), as opposed to being controlled by the markets and the people. The government decides what goods to produce and how to distribute them.
Best explains what makes allocation decisions necessary?
There are never enough goods and services to satisfy wants and needs
