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Explain how the price mechanism determines what is to be produced in the market economy?
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In a mixed-market economic system who determines what products should be produced and how they should be produced?
In a command economy, also known as a planned economy, the government largely determines what is produced and in what amounts. In a mixed economy both market forces and government decisions determine which goods and services are produced and how they are distributed.
What are the effects of the Philippine topography in the economic life its people?
The area of the Philippines is a major influence in the economy. It determines who they can trade with and what foods can be produced.
What is the principle idea that the invisible hand of competition sets prices and determines quantities produced in a market economy?
Adam Smith
Who determines what goods to produce in the economy?
It is the demand and supply which determines the goods and services to produce in the economy.
What statement describe one major aspect of a command economy?
Supply and demand determines what will be produced.
In a mixed-market economic system who determines what products should be produced and how they should be produced?
In a command economy, also known as a planned economy, the government largely determines what is produced and in what amounts. In a mixed economy both market forces and government decisions determine which goods and services are produced and how they are distributed.
What is a major aspect of a command economy?
Supply and demand determines what will be produced.
What are the effects of the Philippine topography in the economic life its people?
The area of the Philippines is a major influence in the economy. It determines who they can trade with and what foods can be produced.
Who determines what goods are produced in a market economy?
The Market(consumers... through their decisions) does it.
What is the principle idea that the invisible hand of competition sets prices and determines quantities produced in a market economy?
Adam Smith
Who determines what goods to produce in the economy?
It is the demand and supply which determines the goods and services to produce in the economy.
What statement describe one major aspect of a command economy?
Supply and demand determines what will be produced.
What determines the production and distribution of goods in a communist system?
The answer to this question is impossible. Please try again.
Importance of price mechanism to the economy?
chanism
What is the economy in which the interaction of supply and demand determines price and output?
Market Economy
How do different societies decide what will be produced by whom will it be produced and for whom will it be produced?
In a free market economy, you the owner gets to chose who it is produced by, how it is produced and what is prdouced. In a command economy, the government chooses how it is produced, who it is produced by and what is produced. A mixed economy is mixed with command and free market.
What is the difference between a free market and communist economy?
In a capitalist economy, production is determined by free market forces such as supply and demand. In a communist economy, the government determines which goods and services get produced and how much is available at any given time. Hope it helps!
