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it is major factor in nation's wealth
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Why is the economic efficiency of market economies important?
it is major factor in nation's wealth
What has the author J Piesse written?
J. Piesse has written: 'Efficiency issues in transitional economies' -- subject(s): Industrial efficiency, Economic conditions, Production (Economic theory)
What is the meaning of economies of product differences?
The meaning of economies of product differences... The greater the difference in products produced by two economies the greater the economic efficiency to be obtained from trade between the two as per the theory of comparative advantage.
What are the societal goals of the four economic systems?
The four economic systems—traditional, command, market, and mixed—each aim to achieve specific societal goals. Traditional economies focus on cultural continuity and community welfare, while command economies prioritize equitable distribution and state control over resources. Market economies emphasize individual freedom and efficiency through competition, aiming for innovation and consumer satisfaction. Mixed economies strive to balance these goals, promoting social welfare alongside economic growth and efficiency.
Which type of economic activity has grown more important in modern economies in recent years?
Tertiary economic activity has grown more important in recent years. Tertiary economic activity is the economic activity of the service sector.
In a traditional economy what are the economic decisions based largely on?
In a traditional economy the economic decisions are largely based on custom. In all centrally planned economies the government makes all important economic decisions.Ê
Why are there so few traditional economies in the world today?
Traditional economies lead to less economic prosperity than capitalist and planned economies because of the efficiency of industrial production. As a result, people are voting with their feet and wallets to leave traditional economies and embrace capitalism or some other form of industrial economy.
Why economic growth is desirable for modern open economies?
Why economic growth is desirable for modern open economies
Efficiency and economies of scope in regulated economy?
Efficency and Economies of scope in regulated economy
How do you spell economies?
That is the correct spelling of the plural noun "economies" (economic systems)
Describe the 4 basic economic systems?
the are four types of economic systems: traditional economies, market economies, command economies, and mixed economies. these economic systems differ in how to answer the three basic questions: how to produce, what to produce and for whom to produce. In traditional economies, the three economic questions are decided mainly by social customs. In market economies, the economy is like capitalism in U.S and the economic questions are decided by individuals in the marketplace. In command economies, is like comunism and the questions are decided by the government. In mixed economies, they are decided by a combination of market decisions making and government order. Many different combinations of these four kinds of economic systems are operating around the world today, with different degrees of success.
What are the four basic economic systems around the world?
There are four types of economic systems: traditional economies, market economies, command economies, and mixed economies. these economic systems differ in how to answer the three basic questions: how to produce, what to produce and for whom to produce. In traditional economies, the three economic questions are decided mainly by social customs. In market economies, the economy is like capitalism in U.S and the economic questions are decided by individuals in the marketplace. In command economies, is like communism and the questions are decided by the government. In mixed economies, they are decided by a combination of market decisions making and government order. Many different combinations of these four kinds of economic systems are operating around the world today, with different degrees of success. Free-market and command (apex)
