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How are the resources allocated in South Africa's Economic system?
Wiki User
∙ 8y ago
South Africa has a capitalist economic system and resources are allocated based on who can buy them.
Wiki User
∙ 8y ago
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What economic system does Libya use?
Libya has a command economy. Also known as controlled or planned economy. This is where a government retains the power to decide how the nations economic resources should be allocated. It has complete control over how theses resources are used.
What are the factors of production in an economic system?
The factors of production in an economic system describe functions the resources do. Economic resources are labor, land, enterprise, and capital.The government controls the factors of production in each economic system.
Market Economic system?
:{also known as Unplanned economy} resources are allocated through the price mechanism. The ownership and control of important resources such as land and capital are in the hands of private firms and individuals. Property laws grants them the right to make decisions about these resources and to determine the purpose for and manner in which they are to be used.
What question must be asked about resources in an economic system?
How are the resources distributed?
Explain how the market system allocates scarce resources?
Scarce resources are usually allocated to a given market system based on the demand. In most cases the resources are usually assigned to markets that have a great demand.
What economic system does Libya use?
Libya has a command economy. Also known as controlled or planned economy. This is where a government retains the power to decide how the nations economic resources should be allocated. It has complete control over how theses resources are used.
What are the factors of production in an economic system?
The factors of production in an economic system describe functions the resources do. Economic resources are labor, land, enterprise, and capital.The government controls the factors of production in each economic system.
Market Economic system?
:{also known as Unplanned economy} resources are allocated through the price mechanism. The ownership and control of important resources such as land and capital are in the hands of private firms and individuals. Property laws grants them the right to make decisions about these resources and to determine the purpose for and manner in which they are to be used.
What question must be asked about resources in an economic system?
How are the resources distributed?
Explain how the market system allocates scarce resources?
Scarce resources are usually allocated to a given market system based on the demand. In most cases the resources are usually assigned to markets that have a great demand.
What is the economic system?
The Economic System are the means by which countries and governments distribute resources and trade goods and services.
Is a structure for allocating scare resources?
An Economic system
Economic resources in the capitalist system are brought together by..................?
Entrepreneur's.
What is a basic characteristic of a command system?
The government owns most economic resources with a command system.
In an economic system decisions need to be made about productive resources and which of the following?
Allocation
Which economic system is defined as the use of private resources to make a profit?
capitolism
Do economic resources include both production and the factors of production?
Yes, the means of production, and the system that supports it, are all resources.
