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Explain 3 resources allocation decision that are made in any economy?
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When is the allocation of resources in an economy considered to be inefficient?
when total resources in an economy is not equally allocated among four factors of production i.e land, labor, capital and organization then allocation of resources in an economy considered to be inefficient.
In a socialist economy how are the basic problems of scarcity and allocation of limited resources addressed?
By production for use or need.
In a market economy what are the most important factors affecting scarcity?
C) the degree to which the government is involved in the allocation of resources.
What statement does not describe a market economy?
The problems of scarcity and allocation of resources are addressed by production for use or need rather than productio for profit.
How does resources are allocated in Mixed economy?
Some decisions are taken by the households ad firms, like in a free market economy. Whilst some decisions and resource allocation policies are set by the government.
When is the allocation of resources in an economy considered to be inefficient?
when total resources in an economy is not equally allocated among four factors of production i.e land, labor, capital and organization then allocation of resources in an economy considered to be inefficient.
In a socialist economy how are the basic problems of scarcity and allocation of limited resources addressed?
By production for use or need.
What does resource allocation mean?
'Resource Allocation' is a management terminology phrase for the scheduling of activities and resources needed to complete them whilst taking into consideration both the time needed to complete and effort it will take.
In a market economy what are the most important factors affecting scarcity?
C) the degree to which the government is involved in the allocation of resources.
Is it important to develop model of economy that can help us define and decide what is meant by efficient allocation of resources?
yes
What statement does not describe a market economy?
The problems of scarcity and allocation of resources are addressed by production for use or need rather than productio for profit.
How does resources are allocated in Mixed economy?
Some decisions are taken by the households ad firms, like in a free market economy. Whilst some decisions and resource allocation policies are set by the government.
What has changed in the economy from 1800 to 2011?
Industrial Revolution. Increase ideas of Materialism which causes much capitalist views. Capitalism of its self would be free market, which is another way of saying Capitalism is the quintessence of Economy. More of this belief being stimulated in the people means typically more people buying and selling and trading, with the help of the Industrial Revolution; in turn means that the Economy itself rises as Resources can be allocated much faster and smoother. Resources and Allocation are key when looking at Economics as looking at the definition of Economics you see that it is the study of allocation of resources.
The relative scarcity of resources makes the operation of any economy a matter of choosing between alternativesn and Explain?
k
What are disadvantages to a market economy?
A Market economy is reffered to as an economy in which the consumers decide what to produce, How to produce and For whom to produce. There are several disadvantages of a market economy. The main one being an inefficient allocation of resources refered to as market failure. Firstly, some good and services would be under provided such as defence and education.
What type of economy best fits this description The basic problems of scarcity and allocation of limited resources are solved by production for use or need rather than production for profit?
Mixed Capitalism
What is allocation in economics?
The allocation process in a particular society's economy is the process by which the three fundamental economic questions get answered in the society.
