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How are All large modern economies answer most of the basic economic questions of what to produce how and for whom by?
Large modern economies typically answer the basic economic questions of what to produce, how to produce, and for whom through a combination of market mechanisms and government intervention. Market forces, driven by supply and demand, help determine what goods and services are produced and at what price. Additionally, governments may implement regulations, provide public goods, and offer social welfare programs to address market failures and ensure equitable distribution. This mixed approach allows for adaptability and responsiveness to changing economic conditions and societal needs.
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Why economic growth is desirable for modern open economies?
Why economic growth is desirable for modern open economies
How have world economies changed during the modern era?
Economic philosophies such as capitalism and communism have been developed.
Why is the gold standard considered bad for modern economies?
The gold standard is considered bad for modern economies because it limits the flexibility of monetary policy, constrains economic growth, and can lead to deflationary pressures. Additionally, it can create instability in the financial system and make it difficult for governments to respond to economic crises effectively.
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.
Why more modern economists are mixed economies elaborate?
Most mixed economies can be described as market economies with strong regulatory.
Why economic growth is desirable for modern open economies?
Why economic growth is desirable for modern open economies
How have world economies changed during the modern era?
Economic philosophies such as capitalism and communism have been developed.
How have economies changed during the modern era?
Economic philosophies such as capitalism and communism have been developed.
Why is the gold standard considered bad for modern economies?
The gold standard is considered bad for modern economies because it limits the flexibility of monetary policy, constrains economic growth, and can lead to deflationary pressures. Additionally, it can create instability in the financial system and make it difficult for governments to respond to economic crises effectively.
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.
Why are most modern economies referred as mixed economies?
poverty is always higest in countries with market economies
Why more modern economists are mixed economies elaborate?
Most mixed economies can be described as market economies with strong regulatory.
Which economic system did socialism lead to?
Centrally-planned economies in the USSR and Eastern Bloc. Market socialism in Yugoslavia. State capitalism in modern day China and Vietnam.
What are modern day examples of command economies?
Modern-day examples of command economies include North Korea and Cuba, where the government exerts significant control over economic activities, including production and resource allocation. In these countries, central planning dictates the distribution of goods and services, often limiting market forces. While elements of market systems may exist, the state’s influence remains predominant in shaping economic outcomes. These economies face challenges such as inefficiency and limited consumer choices due to the lack of competition.
In modern economies what is the medium of exchange?
Money!
Which event is distinct from to the modern era?
The shift from agricultural to manufacturing economies.
In an economic system decisions need to be made about productive resources and which of the followingthing?
In an economic system, decisions need to be made about the allocation of productive resources, including what to produce, how to produce, and for whom to produce. These choices determine the distribution of goods and services, influencing overall economic efficiency and equity. Additionally, considerations about the sustainability of resources and the impact on society and the environment are increasingly important in modern economic decision-making.
