0
How does a price driven economy allow for a wide diversity of goods?
Wiki User
∙ 11y ago
It attracks new firms to the market
Wiki User
∙ 11y ago
Add your answer:
Earn +20 pts
How does a price- driven economy allow for a wide diversity of goods?
It attracks new firms to the market
What does diverse economy mean?
A diverse economy is an economy based on more than one thing. So there is a great deal of diversity as far as products , goods and services as well as vendors.
What's the economic situation of Italy now?
The Italian economy is driven in large part by the manufacture of high-quality consumer goods produced.
Why do public goods demonstrate the limitations of a free market economy?
They allow government to make some economic decisions..
Why did the American economy change from a producer durable goods economy to a consumer durable goods economy?
yes
How does a price- driven economy allow for a wide diversity of goods?
It attracks new firms to the market
What does diverse economy mean?
A diverse economy is an economy based on more than one thing. So there is a great deal of diversity as far as products , goods and services as well as vendors.
How does the command economy decide how to produce?
The command economy looks at what is needed, and what is available, and allocates materials directly to production. There is often little choice in the selection of consumer goods, as there would be in a market-driven economy.
How did the economy of british north America in the 1850's differ from its earlier years?
In the 1850s, North America was beginning to industrialize. The economy shifted from a farming-based economy to one driven by production of goods and machines.
What's the economic situation of Italy now?
The Italian economy is driven in large part by the manufacture of high-quality consumer goods produced.
Why do public goods demonstrate the limitations of a free market economy?
They allow government to make some economic decisions..
What Provide a diversity of goods?
Trade :)
Why did the American economy change from a producer durable goods economy to a consumer durable goods economy?
yes
What economy is where goods and services are traded?
In a Traditional economy goods and service are either by sharing or trading.
Who determines what goods to produce in the economy?
It is the demand and supply which determines the goods and services to produce in the economy.
Why did adam smith insist that market economy would produce consumer goods more efficiently han a command economy?
To maximize profits. The "invisible hand" is the interaction in markets where those who are able to provide goods or services find agents who demand those those goods or services and are willing to exchange them for something the supplier deems of value. If the demand is met, or there is demand by another agent in the market willing to provide compensation to the supplier that is deemed of more value, the resources in the market look to supply the next need for valued consideration. In a command economy, supply may not be demand driven. This may result in excess capacity devoted to something that does not allow the highest value to be placed on the supplied goods or services. A transactional inefficiency may then be the result of a command economy that is not focused on markets.
What is the demand for business goods driven by?
true
