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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.
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Compare the three economy questions to command economy market economy and traditional economy?
traditional economy: resources are allocated based on custom and traditionmixed economy:resources are allcoated based on mixed informtion given.command economy: resources are allocated by the government or other central authoritymarket economy: resources are allocated by individualsCommusim
How are resources allocated in the command economy?
this is impossible to answer and a crazy one
Which economy exist when resources are allocated by the government or other central authority?
planned economy exists
When is the allocation of resources in an economy considered to be inefficient?
when total resources in an economy is not equally allocated among four factors of production i.e land, labor, capital and organization then allocation of resources in an economy considered to be inefficient.
Who owns the resources in mixed economy?
government
Compare the three economy questions to command economy market economy and traditional economy?
traditional economy: resources are allocated based on custom and traditionmixed economy:resources are allcoated based on mixed informtion given.command economy: resources are allocated by the government or other central authoritymarket economy: resources are allocated by individualsCommusim
How are resources allocated in command economy?
this is impossible to answer and a crazy one
How are resources allocated in the command economy?
this is impossible to answer and a crazy one
Which economy exist when resources are allocated by the government or other central authority?
planned economy exists
How are resources allocated in traditional economy?
It is allocated according the market equilibrium which is subjected to the changing market demand and market supply.
When is the allocation of resources in an economy considered to be inefficient?
when total resources in an economy is not equally allocated among four factors of production i.e land, labor, capital and organization then allocation of resources in an economy considered to be inefficient.
How does resources allocated in the free market economy?
well in simple terms........ if you dont do it you will get a zero!!!!
Who owns the resources in mixed economy?
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.
What kind of economy does the US have?
mixed market economy
What are two kinds of economic systems?
Market Economy: Resources are publicly owned, consumers decide how resources are allocated. Command Economy: Resources are publicly owned, government decides how resources are allocated.
How price system allocates scarce resource in free economy?
Scarce resources are allocated to those who are willing and able to pay the most in a free economy.
