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Helllo
What else can I help you with?
How are prices determined under a free-trade system?
I got supply & demand from another website somewhere
Price system between capitalist economy and socialist economy?
Socialism has no money, no economy and no prices. Under capitalism, prices are essentially determined by the amount of labour involved in producing something (affected too by supply and demand, among other things).
How do you trade arise with comparative advantage?
Trade arises under comparative advantage because of differences in pretrade relative prices.
What kind of economic system would the Minoans be working uder today be working under?
What kind of economic system the Minoans would be working under today is still probably trade. All they used to do was trade.
How does the market economy function?
Market economy functions under the price mechanism. Prices of goods and serviced are determined by the interaction of demand and supply forces.
How price determined under perfect competition?
When various competitors compete on the various types of goods that they are selling, they will reduce the prices so that they sell more.
How did government regulation of trade limit economic growth under the system of mercantilism?
It prevented expansion of trade with other countries.
How did the government regulation of trade limit economic growth under the system of mercantilism?
It prevented the expansion of trade with other countries.
How was the free enterprise system different from mercantilism for 18th- and century Europeans?
Under free enterprise, merchants were able to conduct unrestricted international trade. Under mercantilism, international trade was restricted.
How is price determined under imperfect market?
Remember under this market there's a government intervention.the Government determine the prices of the market by using the minimum(the minimum that the market can charge) and maximum wage(Maximum that the market can charge)
How was the free enterprise system different from the mercantilism for 18th and 19th century Europeans?
Under free enterprise, merchants were able to conduct unrestricted international trade. Under mercantilism, international trade was restricted.
What is the economic system under which colonies make their mother country rich through exclusive trade?
mercantilism
