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What group of players make all of the economic decisions in a freemarket system?
The US, Japan and Germany are all market economies. In a traditional economy. In market economies, economic decisions are made by individuals.
What is a production determined by individuals and private groups?
A production determined by individuals and private groups is referred to as a market economy. In this system, decisions about production, consumption, and investment are guided by individuals and businesses operating in a competitive market environment rather than by government intervention.
Who possesses the factors of production in South Africa?
Both the government and private owners makes economic decisions because the government has control over certain important industries, such as Eskom, while private owners control other important industries.
When the government produces goods and services it often competes with producers in the private sector?
false
Why Ghana i s a mixed factor of production?
because production of goods and services are done or own by both private and government firms or scarce resource are own by both private individual and government
How many different economic systems exist?
Communism - land, means of production and property are owned by the people as a group, but the government makes all the economic decisions. The government decides which goods are available at a given time. Socialism - all land, property, and means of production is controlled by the government. All economic decisions are made by the government. The government decides what gods are produced. Capitalism (market economy) - entrepreneurs risk capital in a business. Economic decisions of what to produce is controlled by supply and demand. Price is controlled by demand for the most part. Private ownership is an important part of capitalism. Government decisions affect the economy in a capitalistic society. Barter- People trade for what they need.
Who makes economic decisions in South Africa?
Both the government and private owners makes economic decisions because the government has control over certain important industries, such as Eskom, while private owners control other important industries.
Who owns the factors of production in india?
Various private and foreign investors, shareholders, holders of private equity and government institutions.
Who makes the production decisions in France?
the president and Prime Minister make the laws!
Who owns and controls the factors of production in a mixed economy?
both the government and private sectors
What is a centrally run economy?
In a centrally-run economy, decisions about quantities and prices of goods and services to be provided are made by a small group, usually government bureaucrats. The opposite is a market economy, where such decisions are made - in theory - by private producers (sellers) and consumers (buyers). Neither type exists in its pure form.
Difference between Public policy and Private Policy?
Public policy is the decision made by government to tackle matters and issues affecting all and sun dry , this decision or rather these decisions has intend or unintended effects. While private policy are decisions made by and for private individuals.
