0
Which of the terms describes an economy in which prices form the basis for economic decisions?
Wiki User
∙ 13y ago
market or market economy
Wiki User
∙ 13y ago
Add your answer:
Earn +20 pts
What is market economy?
System in which individuals own the factors of production and make economic decisions through free interaction. OR an economy that relies chiefly on market forces to allocate goods and resources and to determine prices
What market economy?
System in which individuals own the factors of production and make economic decisions through free interaction. OR an economy that relies chiefly on market forces to allocate goods and resources and to determine prices
What economic indicator describes the process of generally declining prices?
Deflation describes the process of generally declining prices.
When markets or governments make economic decisions about what goods and sevices their resources will be used to make what basic economic question are they answering?
In market-based economies, markets determine prices which will answer the three economic questions
What are some similarities between command and traditional economy?
In a command economy government agencies take the decisions regarding consumption production and distribution in other words allocation of resources . The classical example of command economy was the economy of erstwhile USSR- where major decisions were taken by the soviet planning commission. Traditional economy refers to economy in which primary sector- agriculture , mining , fishing , lumbering , animal husbandry etc, is dominant economic activity - in terms of share in GDP and employment.
What describes an economy in which prices form the basis for economic decidions?
market
What is market economy?
System in which individuals own the factors of production and make economic decisions through free interaction. OR an economy that relies chiefly on market forces to allocate goods and resources and to determine prices
What market economy?
System in which individuals own the factors of production and make economic decisions through free interaction. OR an economy that relies chiefly on market forces to allocate goods and resources and to determine prices
What economic indicator describes the process of generally declining prices?
Deflation describes the process of generally declining prices.
When markets or governments make economic decisions about what goods and sevices their resources will be used to make what basic economic question are they answering?
In market-based economies, markets determine prices which will answer the three economic questions
What are some similarities between command and traditional economy?
In a command economy government agencies take the decisions regarding consumption production and distribution in other words allocation of resources . The classical example of command economy was the economy of erstwhile USSR- where major decisions were taken by the soviet planning commission. Traditional economy refers to economy in which primary sector- agriculture , mining , fishing , lumbering , animal husbandry etc, is dominant economic activity - in terms of share in GDP and employment.
What are Venezuela's main economic activities?
Venezuela's economy is highly dependent on oil exports. The recent fall in oil prices has damaged the economy there. prices can fluctuate so there is always a chance that their economy will improve if and when oil prices rise.
What is economy command?
Command Economy is all major decisions related to the e production, commodity and service prices are all made by the goverment.
Stagfation was an economic term referring to?
Stagflation was an economic condition in which unemployment was high, the economy was stagnant, but prices were rising (inflation).
What describes an economic bubble?
stock prices being higher than their real value :)
What economic systems does US use?
The US of A has a mixed economy - a combination of market economy and command economy.
What is a market economy based on?
A market economy is an economy in which decisions regarding investment, production and distribution are based on market determined supply and demand. Prices of goods and services are determined in a free priced system
