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What type of economic model fits this description The basic problems of scarcity and allocation of limited resources are solved by production for the use or need rather then production for profit?
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∙ 6y ago
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Wiki User
∙ 6y ago
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Describe the allocation of resources in market and mixed economic systems?
In a free market where the demand and supply of resources as return to factors are determined by market forces to determine the resource allocation usually owned by private Enterprise through price mechanism, although government control to some extent also determines the allocation of resources for auxiliary or subordinate production of goods and services in a mixed economic system by planning in the production possibilities by the scarce resource allocation .
Which economic theory states that the basic problems of scarcity and allocation of limited resources are solved by production for use or need rather than production for profit?
For A+ : Socialism
What are the Functions of economic system?
The four functions of economic systems; Production, Allocation, Distribution and Regeneration.
What is scarcity allocation?
Much like triage, applied to economic resources.
In an economic system decisions need to be made about productive resources and which of the following?
Allocation
Describe the allocation of resources in market and mixed economic systems?
In a free market where the demand and supply of resources as return to factors are determined by market forces to determine the resource allocation usually owned by private Enterprise through price mechanism, although government control to some extent also determines the allocation of resources for auxiliary or subordinate production of goods and services in a mixed economic system by planning in the production possibilities by the scarce resource allocation .
Which economic theory states that the basic problems of scarcity and allocation of limited resources are solved by production for use or need rather than production for profit?
For A+ : Socialism
What are the Functions of economic system?
The four functions of economic systems; Production, Allocation, Distribution and Regeneration.
What are the functions economic system?
The four functions of economic systems; Production, Allocation, Distribution and Regeneration.
What is scarcity allocation?
Much like triage, applied to economic resources.
In an economic system decisions need to be made about productive resources and which of the following?
Allocation
What is the definition of welfare economics?
how the allocation of resources affects economic well-being.
What are some economics problem?
Economic problems relate to production of goods and services for consumptions with the scarcity of resources and the choices with the allocation of the available resources for production.The modern theory looks into the problem of level of income and employment,investment,savings,production and consumption including exports.
What are the factors of production in an economic system?
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.
What must be asked about the use of resources in an economic system?
What is the most effective allocation?APEX!
Do economic resources include both production and the factors of production?
Yes, the means of production, and the system that supports it, are all resources.
What questions must be asked about the use of resources in an economic system?
What is the most effective allocation?APEX!
