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Which economic system decide what to sell and what price?
If the government is deciding which goods to sell and at what price, it is known as a command economy. If individuals are deciding, it is known as a market economy.
How does the price system affect goods and services?
goods and services whether it may be anything price will be there for it
Price determines the answers to the three basic economic questions?
There are three basic economic questions answered by price. Who will buy the goods and services produced? What goods and services need to be produced? How should these goods and services be produced?
In which system are economic decisions made based upon price?
Economic decisions based on price are typically made in a market economy. In this system, prices are determined by supply and demand dynamics, allowing consumers and producers to make choices that reflect their preferences and resource availability. This price mechanism helps allocate resources efficiently, guiding the production and consumption of goods and services.
How gold price decided?
the stock market. if there is more found in one day, or there is an economic crash, the price is lower, less found or an economic boom price is up. try this site its useful http://gold-price-blog.info/
Economic condition in which the price of goods and services drops?
Deflation by: Andrea Burke
What is an economic system called that is designed to eliminate competition by selling goods at predetermined prices?
An economic system designed to eliminate competition by selling goods at predetermined prices is known as a controlled economy or command economy. In this system, the government or central authority makes decisions about production, pricing, and distribution of goods and services, often leading to price fixing and reduced market competition. This approach is typically associated with socialist or communist economic models, where the aim is to promote equity and stability rather than market-driven outcomes.
What is an alternative system for distributing goods and services other than price?
barter system
What controls the price of goods and services in the economic system of communism?
Economic activities in the communist system is controled by the public in the sense that the government tries to control all economic activities by setting up different organizations and sectors in order to provide social-economic demands to the public or citizen.
What determines the price of goods in a free enterprise system?
Supply and demand
How is the price of goods decided in the US economic system?
The price is decided by how many goods of that kind are produced and how many comsumers are going to buy the good. For example, suppose a music company produces 1,000 CDs priced at $16.95 each, but 1,100 people want to buy them. There are not enough CDs to satisfy the wants of these consumers. Because demand for the good is greater than the supply, the seller can increase the price to $17.95. He or she sells all the CDs and makes an extra $1.00 profit on each. Now suppose the seller offers 1,000 more CDs at the origanal $16.95 price. One hundred sell right away, leaving 900 CDs that no one wants at this price. The seller then reduces the price to $15.95. The seller didn't get as much of a profit as the first time when they sold the CDs.
Which term refers to the total quantity and quality of goods and services that people living in an economic system can purchase?
The term that refers to the total quantity and quality of goods and services that people living in an economic system can purchase is "aggregate demand." It reflects the overall demand for goods and services within an economy at a given price level and time. Aggregate demand is influenced by factors such as consumer spending, investment, government expenditure, and net exports.
