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How does a country's economic system determine whether that country is rich or poor?
Wiki User
∙ 12y ago
1. There are many criteria that can be used to judge an economic system, but the main ones are efficiency and equity. Efficiency is defined as not just having markets that fit the theoretical definition of efficient, but having growth in the size of the economy and lots of innovation. Equity is the distribution of the income. The most efficient economy in the world does no good if the income from it is owned by a few people, and the rest live in wretched poverty. Equity also means the ability of every person to have the necessities of life, such as food, clothing, shelter, education, health care, etc.
Wiki User
∙ 11y ago
Wiki User
∙ 15y agoyou must look at the level of social programs and government regulation in the economy;(collectivization) and what needs are looked after by the government ie. health care
Wiki User
∙ 12y agoAccording to Gross Domestic Product value and Per Capita Income
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determine whether they are expanding or contracting
What are examples of typical economic decisions made by the managers of a firm. determine whether is an example of what how and when?
following are examples of typical economic decisions made by the managers of a firm. determine whether is an example of what, how, and when?
What is meant by economic system?
economic system means the economic atmosphere of the country.It means which type of system a country have whether it have socialist economy,capitalistic economy or mixed economy.
Discuss whether the price mechanism is an effective way to solve the basic economic problem?
Price mechanism is an effective way to solve the basic economic problem. The price of a product is what will determine the demand and this will influence the production output which directly affects the economy.
Which economic indicator can show whether a country's economy is growing or stagnating?
The GDP is neither growing nor shrinking. APEX ;]Gross Domestic Product
How we measure economic performance?
determine whether they are expanding or contracting
What are examples of typical economic decisions made by the managers of a firm. determine whether is an example of what how and when?
following are examples of typical economic decisions made by the managers of a firm. determine whether is an example of what, how, and when?
Why do you think some people are rich and some are poor explain?
it depends on whether they are in a more economic developed country (MEDC) or a less economic developed country (LEDC)
What is meant by economic system?
economic system means the economic atmosphere of the country.It means which type of system a country have whether it have socialist economy,capitalistic economy or mixed economy.
What is the imaginary line used by every country to determine whether a person is poor or rich?
Is it poverty line
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Discuss whether the price mechanism is an effective way to solve the basic economic problem?
Price mechanism is an effective way to solve the basic economic problem. The price of a product is what will determine the demand and this will influence the production output which directly affects the economy.
Which economic indicators can show whether a country's economy is growing or stagnating?
The GDP is neither growing nor shrinking. APEX ;]Gross Domestic Product
Which economic indicator can show whether a country's economy is growing or stagnating?
The GDP is neither growing nor shrinking. APEX ;]Gross Domestic Product
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EMG can determine whether a particular muscle is responding appropriately to stimulation, and whether a muscle remains inactive when not stimulated
