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It is allocated according the market equilibrium which is subjected to the changing market demand and market supply.
Paxton Brown
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Compare the three economy questions to command economy market economy and traditional economy?
traditional economy: resources are allocated based on custom and traditionmixed economy:resources are allcoated based on mixed informtion given.command economy: resources are allocated by the government or other central authoritymarket economy: resources are allocated by individualsCommusim
What are the advantages of traditional economy system?
A traditional economy is based on an established economy that has proven successful in the past. Resources are allocated by inheritance. There is no waste of resources and roles are well defined. A huge disadvantage, however, is a resistance to change.
How are resources allocated in command economy?
this is impossible to answer and a crazy one
How are resources allocated in the command economy?
this is impossible to answer and a crazy one
Which economy exist when resources are allocated by the government or other central authority?
planned economy exists
How are traditional economies resources allocated?
It is allocated according the market equilibrium which is subjected to the changing market demand and market supply.
When is the allocation of resources in an economy considered to be inefficient?
when total resources in an economy is not equally allocated among four factors of production i.e land, labor, capital and organization then allocation of resources in an economy considered to be inefficient.
How does resources allocated in the free market economy?
well in simple terms........ if you dont do it you will get a zero!!!!
What are two kinds of economic systems?
Market Economy: Resources are publicly owned, consumers decide how resources are allocated. Command Economy: Resources are publicly owned, government decides how resources are allocated.
Who owns traditional economy resources?
The government and the kids of the w
How price system allocates scarce resource in free economy?
Scarce resources are allocated to those who are willing and able to pay the most in a free economy.
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
