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Resources, in a free market, are allocated by buyers and sellers. Buyers determine the quantity determined by their willingness and ability to pay for the products. Prices are determined by supply and demand.
Enola Bergstrom
Wiki User
∙ 14y agoresource allocation can be saved by answering four basic economic questions what to produce ,how to produce,when to produce and for whom to produce
Wiki User
∙ 12y agoThere are several different opinions on how to do this. My opinion is that we should allocate resources to successful ideas and ones that are beneficial for society.
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Compare the three economy questions to command economy market economy and traditional economy?
traditional economy: resources are allocated based on custom and traditionmixed economy:resources are allcoated based on mixed informtion given.command economy: resources are allocated by the government or other central authoritymarket economy: resources are allocated by individualsCommusim
How are resources allocated in the command economy?
this is impossible to answer and a crazy one
Which economy exist when resources are allocated by the government or other central authority?
planned economy exists
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.
What are two kinds of economic systems?
Market Economy: Resources are publicly owned, consumers decide how resources are allocated. Command Economy: Resources are publicly owned, government decides how resources are allocated.
Compare the three economy questions to command economy market economy and traditional economy?
traditional economy: resources are allocated based on custom and traditionmixed economy:resources are allcoated based on mixed informtion given.command economy: resources are allocated by the government or other central authoritymarket economy: resources are allocated by individualsCommusim
How are resources allocated in command economy?
this is impossible to answer and a crazy one
How are resources allocated in the command economy?
this is impossible to answer and a crazy one
Which economy exist when resources are allocated by the government or other central authority?
planned economy exists
How are resources allocated in traditional economy?
It is allocated according the market equilibrium which is subjected to the changing market demand and market supply.
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.
How does resources allocated in the free market economy?
well in simple terms........ if you dont do it you will get a zero!!!!
What are two kinds of economic systems?
Market Economy: Resources are publicly owned, consumers decide how resources are allocated. Command Economy: Resources are publicly owned, government decides how resources are allocated.
How price system allocates scarce resource in free economy?
Scarce resources are allocated to those who are willing and able to pay the most in a free economy.
How are resources allocated under a capitalistic economy?
By the market mechanism...where they will be used most efficiently by those who can pay the price at equilibrium
How resources are allocated in a market economy?
Mr Gerrard..... well what can i say about him?? in simple terms he is probably the best teacher ever.
How are resources allocated in a free market economy?
Mr Gerrard..... well what can i say about him?? in simple terms he is probably the best teacher ever.
