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How can price be determined in a free market economy?
In a perfect free-market economy, price is determined by supply and demand.
How are people involved in the game of economics?
People are involved in economics when they spend or receive money. The economy is determined by the movement of money between individual people or groups of people such as corporations.
How does caste affect Indian economy?
It determined your job.
How price are determined in a competitive market?
based on economy
Is England an planned economy?
No, the UK is a Market economy. A market economy is one in which in which the prices of goods and services are determined by supply and demand.
What is production determined by individuals and private groups?
A market economy
What is a production determined by individuals and private groups?
A market economy
Are wages decided by the government in a command economy?
com·mand e·con·o·mynounan economy in which production, investment, prices, and incomes are determined centrally by a government.
What is The supply of money in the US economy determined primarily b?
Federal Reserve
In a market economy the production questions are determined by?
Interaction between producers and consumers
How did the command economy under Stalin differ from a capatalist economy?
A command economy is a system where the government controls economic activity and the production and distribution of goods. In a capitalist economy, such things are determined by market forces.
What is labor force in economics and what are its determinants?
By definition, the labor force is the number of people employed and unemployed in an economy. The number employed is determined by people who currently hold jobs. The Fed uses 1 hour per week as employment. The number of unemployed is determined by those who do not have a job AND are actively seeking employment.
