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∙ 12y agoPrice
RAWRSAURS
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∙ 12y agoWiki User
∙ 14y agoprice
scarcity
Classical economic theory held that markets regulate themselves, and don't need any outside intervention, such as that of a government. Modern Republicans would certainly agree with it.
The factors of production in an economic system describe functions the resources do. Economic resources are labor, land, enterprise, and capital.The government controls the factors of production in each economic system.
government units
The government owns most economic resources with a command system.
i believe it would be consumption nope its price
scarcity
The US Government focused the nation's economic resources primarily on the war efforts.
Classical economic theory held that markets regulate themselves, and don't need any outside intervention, such as that of a government. Modern Republicans would certainly agree with it.
The factors of production in an economic system describe functions the resources do. Economic resources are labor, land, enterprise, and capital.The government controls the factors of production in each economic system.
classical economists are those economists who used 'scarce resources' concepts in their economic theories where as neo ones used price output income distribution like concepts in their theories.
The classical school of thought in economics emphasizes minimal government intervention in the economy, promoting free markets and individual self-interest as the driving forces of economic growth. This suggests policy implications such as reducing government regulation, promoting free trade, and allowing market forces to determine prices and allocation of resources. Additionally, policies that support private property rights and enforce contracts are seen as crucial for economic development.
government units
The classical school of thought emphasizes rational decision-making by individuals, based on self-interest and utility maximization. It also focuses on the importance of free markets, competition, and limited government intervention in achieving economic efficiency. Additionally, classical economists believe in the effectiveness of the invisible hand mechanism in allocating resources and promoting overall societal welfare.
The government owns most economic resources with a command system.
The government decides where to invest resources.
The government decides where to invest resources.