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Comment on two conditions which have to be met for a market economy to work efficiently?
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∙ 13y ago
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∙ 13y ago
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Is Louisiana a free market economy?
no
What type of economy is not under private control?
A market economy is not under the private control. A command economy is one where decisions are made by the government only, thus making it a private economy. In market economy, anyone can decide what business to do and what to make.
Is North Korea a mixed economy or market?
Yes.
What is the econimic system in ireland?
Free market economy.
What type of economy do Israel Saudi Arabia turkey and Iran have?
Saudi Arabia: Command Economy which is powered through oil. Israel: Advanced Market Economy which is supported by it's people, not oil or other resources. Turkey: Advanced Market Economy which is supported by it's people, not oil or other resources. Iran: Hybrid Command-Market Economy supported by oil and industry, but currently floundering under international sanctions.
What will most efficiently provide products?
A market economy with many producers
What are the functions of prices in a market economy?
Prices are a mechanism by which commodities are efficiently allocated in ideal conditions; prices send a signal about the value of a commodity.
What will efficiently provide products?
A market economy with many producers
Why did Adam Smith insist that a market economy would produce consumer goods more efficiently that a command economy?
To maximize profits, firms in market economies strive to efficiently supply and distribute what consumers want.
Why might a government intervene in the market economy?
Essentially, due to market failure of some type: the market does not efficiently allocate some desirable commodity and the government attempts to correct this misallocation.
How are resources allocated under a capitalistic economy?
By the market mechanism...where they will be used most efficiently by those who can pay the price at equilibrium
Does market economy need competetion?
To allocate resources efficiently and provide the greatest possible consumer and producer surplus, yes.
What is Bolivia economy?
Market Economy.
Which countries have a market economy?
Almost every country has a market economy; North Korea still has a command economy. WRONG^^ U.S. is rumored to be a market economy, but there are not pure market economy.
Does China have a market economy?
No, china does not have a market economy!
Is Bahrains economy command or market?
a market economy
What does a market economy encourages?
market economy encoursae
