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What economy is where goods and services are traded?
In a Traditional economy goods and service are either by sharing or trading.
What is the role of Indian railway in Indian economy?
it delivers goods to their British masters
What are some of the factors that have facilitated a shift to a service economy?
The United States began to see a shift to a service economy once it became cheaper to manufacture goods overseas. Manufacturing jobs tended to have better pay, but as people began to see that service jobs had a better quality of life those manufacturing jobs became less desirable.
What are some of the factors that have facilitated the shift to a service economy?
The United States began to see a shift to a service economy once it became cheaper to manufacture goods overseas. Manufacturing jobs tended to have better pay, but as people began to see that service jobs had a better quality of life those manufacturing jobs became less desirable.
How are goods and services produced in a traditional economy?
Printing used to be a service historically
What effect did the movement from subsistence to a market economy have on American society?
It caused a better transportation system to get goods to markets farther away. It helped the growth of service industries.
What is the definition of service sector?
The service sector is a segment of the economy that provides intangible goods and services to consumers, such as healthcare, education, finance, and entertainment. It does not involve the production of physical goods.
How does transportation system affect the economy?
When transportation became better, it was easier and faster to transport goods
The four major economic shifts the US has experienced?
· Service Based Economy: Is the economy we were in during the 1600's because the colonists bartered and traded goods.· Agricultural Based Economy: In this economy during the 1700's farming was a common way of life so this was a easy way of life.· Industrial Based Economy: In the mid 1859's big machines were build which stated the industry based economy.· Service Based Economy: With the computer now more advanced information moved around a lot faster, and the way goods an services were produced an sold this created the service based economy.
How would you describe an economy that uses it's resources to make the greatest possible number of goods and service?
Efficient.
Why did the American economy change from a producer durable goods economy to a consumer durable goods economy?
yes
How does command economy's differ from a market economy?
In a command economy the government decides how resources are used and what goods and service are produced. In a market individuals make the decisions about how resources are used and what gods and services to provide.
