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In a free market system, goods are produced based on their demand; if the individuals in the market desire a certain good, then someone will inevitably fulfill that need. The producer will fulfill that need because they will be compensated by the individuals desiring that good.
Basically, a free market relies on human nature...
it only makes sense for someone to produce something if they will be paid to do it, and if no one else is producing a good or service then they can set the price (a monopoly)
This varies from a command economy such as the Soviet Union's, which relied on government decisions to determine what goods were produced.
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How will the economy decide who gets the goods?
Usually, the price system does this rationing in a market economy.People who are willing to pay more plunk down their money and they get the scarce goods. People who aren't willing to pay the market price don't get the goods.
In a market system who decides what is produced?
The whole point of the free market is that everybody gets to make their own economic decisions, since the economy is not run by any central planner as in a communist system. So if someone wants to produce something, they do. If they don't want to, they don't.
The power of consumers to decide what gets produced is called?
Consumer sovereignty http://en.wikipedia.org/wiki/Consumer_sovereignty
What is an economic system in which the government decides what will be produced how it will be produced who gets what is produced and who owns and controls the major factors of the production?
Command economy. wrooooooong!
What are the advantages of open market system?
A market economy (also called a free market economy or a free enterprise economy) is an economic system in which the production and distribution of goods and services take place through the mechanism of free markets guided by a free price system. In a market economy, businesses and consumers decide of their own volition what they will purchase and produce. Technically this means that the producer gets to decide what to produce, how much to produce, what to charge to customers for those goods, what to pay employees, etc., and not the government. These decisions in a free-market economy are influenced by the pressures of competition, supply, and demand. This is often contrasted with a planned economy, in which a central government decides what will be produced and in what quantities. No pure market economy exists. Thus, almost all economies in the world today are mixed economies which combine varying degrees of market and command economy traits. For example, in the United States there are more market economy traits than in Western European countries. The advantages of a free market economy are for example - supply and demand
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.
How will the economy decide who gets the goods?
Usually, the price system does this rationing in a market economy.People who are willing to pay more plunk down their money and they get the scarce goods. People who aren't willing to pay the market price don't get the goods.
In a market system who decides what is produced?
The whole point of the free market is that everybody gets to make their own economic decisions, since the economy is not run by any central planner as in a communist system. So if someone wants to produce something, they do. If they don't want to, they don't.
The power of consumers to decide what gets produced is called?
Consumer sovereignty http://en.wikipedia.org/wiki/Consumer_sovereignty
What is an economic system in which the government decides what will be produced how it will be produced who gets what is produced and who owns and controls the major factors of the production?
Command economy. wrooooooong!
What are the advantages of open market system?
A market economy (also called a free market economy or a free enterprise economy) is an economic system in which the production and distribution of goods and services take place through the mechanism of free markets guided by a free price system. In a market economy, businesses and consumers decide of their own volition what they will purchase and produce. Technically this means that the producer gets to decide what to produce, how much to produce, what to charge to customers for those goods, what to pay employees, etc., and not the government. These decisions in a free-market economy are influenced by the pressures of competition, supply, and demand. This is often contrasted with a planned economy, in which a central government decides what will be produced and in what quantities. No pure market economy exists. Thus, almost all economies in the world today are mixed economies which combine varying degrees of market and command economy traits. For example, in the United States there are more market economy traits than in Western European countries. The advantages of a free market economy are for example - supply and demand
What are the Advantages of open system?
A market economy (also called a free market economy or a free enterprise economy) is an economic system in which the production and distribution of goods and services take place through the mechanism of free markets guided by a free price system. In a market economy, businesses and consumers decide of their own volition what they will purchase and produce. Technically this means that the producer gets to decide what to produce, how much to produce, what to charge to customers for those goods, what to pay employees, etc., and not the government. These decisions in a free-market economy are influenced by the pressures of competition, supply, and demand. This is often contrasted with a planned economy, in which a central government decides what will be produced and in what quantities. No pure market economy exists. Thus, almost all economies in the world today are mixed economies which combine varying degrees of market and command economy traits. For example, in the United States there are more market economy traits than in Western European countries. The advantages of a free market economy are for example - supply and demand
Compare Command and market system?
Command systems are controled by a central planner, who decides what to produce, how to produce it, and who gets what's produced. This sytem is one of the more ineffecient systems and within it, there's much waste. Factors of production are government owned, there's limited technology, very little growth, and low levels of productivity. Present day examples would be North Korea or Cuba. Market systems are more free from government control. Consumers decide what is produced, the producers determine the best means of production, and the actual price decides who gets the product/what's being produced. There's a much higher level of productivity in this system. Change is quick, it's very high tech, and it's also very effecient. A present day example of this would be Hong Kong.
What is the system of electing your president known as?
The hingledingle. It's when all members of congress gather and decide who gets to hingle his dingle.
How could the EC system concievably push the presidential election decision into congress?
If each candidate gets the same number of votes in the Electoral College, then the Congress will decide who gets to be President.
Who gets to decide what type of chat is allowed online?
The person that creates the site gets to decide what kind of chat is allowed online. A person that creates an account gets to decide what kind of chat they want to use.
Do Employers get to decide who gets hired?
Yes.
