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In a market economy what are the most important factors affecting scarcity?
C) the degree to which the government is involved in the allocation of resources.
Describe the allocation of resources in market and mixed economic systems?
In a free market where the demand and supply of resources as return to factors are determined by market forces to determine the resource allocation usually owned by private Enterprise through price mechanism, although government control to some extent also determines the allocation of resources for auxiliary or subordinate production of goods and services in a mixed economic system by planning in the production possibilities by the scarce resource allocation .
When the market does not result in an efficient allocation of scarce resources economists call this?
market failer
How does command economy's differ from a market economy?
In a command economy the government decides how resources are used and what goods and service are produced. In a market individuals make the decisions about how resources are used and what gods and services to provide.
What is the allocation of goods?
The allocation of goods refers to the process of distributing resources and products among various consumers, businesses, or markets. It involves decisions about how much of each good should be produced, who should receive it, and at what price. Allocation can occur through various mechanisms, such as market forces, government intervention, or centralized planning. Efficient allocation aims to maximize utility and minimize waste, ensuring that resources are used effectively to meet consumer needs.
In a market economy what are the most important factors affecting scarcity?
C) the degree to which the government is involved in the allocation of resources.
Describe the allocation of resources in market and mixed economic systems?
In a free market where the demand and supply of resources as return to factors are determined by market forces to determine the resource allocation usually owned by private Enterprise through price mechanism, although government control to some extent also determines the allocation of resources for auxiliary or subordinate production of goods and services in a mixed economic system by planning in the production possibilities by the scarce resource allocation .
When the market does not result in an efficient allocation of scarce resources economists call this?
market failer
How does command economy's differ from a market economy?
In a command economy the government decides how resources are used and what goods and service are produced. In a market individuals make the decisions about how resources are used and what gods and services to provide.
How does a market economy differ from a command economy?
In a command economy the government decides how resources are used and what goods and service are produced. In a market individuals make the decisions about how resources are used and what gods and services to provide.
What is the allocation of goods?
The allocation of goods refers to the process of distributing resources and products among various consumers, businesses, or markets. It involves decisions about how much of each good should be produced, who should receive it, and at what price. Allocation can occur through various mechanisms, such as market forces, government intervention, or centralized planning. Efficient allocation aims to maximize utility and minimize waste, ensuring that resources are used effectively to meet consumer needs.
How does resources are allocated in Mixed economy?
Some decisions are taken by the households ad firms, like in a free market economy. Whilst some decisions and resource allocation policies are set by the government.
How are resources allocated in mixed economies?
Some decisions are taken by the households ad firms, like in a free market economy. Whilst some decisions and resource allocation policies are set by the government.
How does the free market ensurEs an efficient allocation of resources?
because there is no restriction on the usage of resourses so they can use according to their need.
How does the free market ensure efficient allocation of resources?
because there is no restriction on the usage of resourses so they can use according to their need.
Where Problem relating to the allocation of factors of production and distribution of income exit?
Problems related to the allocation of factors of production and distribution of income often arise due to market inefficiencies, unequal access to resources, and varying degrees of bargaining power among different economic agents. These issues can lead to underutilization of resources, inequitable income distribution, and social unrest. Additionally, externalities and public goods can complicate the efficient allocation of resources, resulting in market failures. Addressing these challenges typically requires government intervention or regulatory frameworks to promote fairer distribution and optimal resource use.
Who gets scarce resources in a market economy?
the government
