What is the basic coordinating mechanism is a free market system?
the basic coordinating mechanism in a free market system is Price.
A mixed economy can use the price mechanism to solve basic economy problem by eliminating a surplus if there is a surplus of goods causing the problem. This will cause the market price of those goods to drop. The price mechanism can also be used to expand suppliersâ?? production of a certain good when prices are rising because there is a high customer demand for that good.
The price mechanism is a feature of the free market and operates through demand and supply and the self interest of individuals, government action is minimised. This has the benefits of incentive, efficiency, innovation, choice and consumer sovereignty. Against this there may be market failure including inequality, lack of public and merit goods, externalities and instability. Depending upon the degree of failure the mechanism may be more or less effective. The price mechanism does not…
How does the market system attempt to provide answers to the basic economic problems of what how and for whom to produce?
Sound waves impinge on the eardrum much like ocean waves pound the shoreline on the beach. This produces sensations that are communicated from the eardrum to the brain via the nervous system. There are various other parts of the ear that contribute to hearing, but this is the basic mechanism of the sensation.
The price mechanism theory is not an effective tool of allocating resources in less developed countries. discuss?
The price mechanism is based on the economical principles of supply and demand. It does not work with underdeveloped nations because poverty can interfere with basic supplies that people want and need. Therefore, it does not accurately allow the market to determine necessities since poor people may not be able to buy what they need.
the concept of Management control System is Planning activities of an organization Coordinating activities of an organization Communication information to different levels of the hierarchical structure Evaluating information and deciding the actions to be taken Influencing people to change their behavior. by doing this achieving the goals of individual departments and in turn overall goal of an organization effectively and efficiently
Why does a normal axon always propagate action potentials from the axon hillock to the axon terminals?
The basic unit of weight in the metric system is the newton (N) The basic unit of mass in the metric system is the kilogram (kg) The basic unit of mass in the English system is the pound (lb) The basic unit of weight in the English system is the ????? is it also the lb or do we just always use say this incorrectly?????