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Through price mechanism...
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What if your friend is a business owner in a market economy. What decides how to allocate the productive resources he uses?
Central authority
What is objectives of planing economics?
As Market cannot allocate resources properly planning is needed to allocate resources in the most efficient manner, reduce inequality among the people, give adequate standard of living for all people. It was done in the Soviet Union.
What is an advantage of using the market mechanism to allocate resources between alternative uses?
An advantage of the market mechanism over government intervention as a method of allocating resources is efficiency. The forces of demand and supply create automatic economic order.
What is market economy?
System in which individuals own the factors of production and make economic decisions through free interaction. OR an economy that relies chiefly on market forces to allocate goods and resources and to determine prices
What market economy?
System in which individuals own the factors of production and make economic decisions through free interaction. OR an economy that relies chiefly on market forces to allocate goods and resources and to determine prices
What if your friend is a business owner in a market economy. What decides how to allocate the productive resources he uses?
Central authority
Why market is segmented?
If the market is segmented the organization can clearly identify the targeted market, and also it is possible to allocate or concentrate the organizations resources to the target market, and through which the organization can maximize the profit.
Does market economy need competetion?
To allocate resources efficiently and provide the greatest possible consumer and producer surplus, yes.
What is objectives of planing economics?
As Market cannot allocate resources properly planning is needed to allocate resources in the most efficient manner, reduce inequality among the people, give adequate standard of living for all people. It was done in the Soviet Union.
What is an advantage of using the market mechanism to allocate resources between alternative uses?
An advantage of the market mechanism over government intervention as a method of allocating resources is efficiency. The forces of demand and supply create automatic economic order.
What do you call computers that allocate resources?
nodes
In a command economy the government does not do?
Allocate resources.
In a command economy what does the government do?
Allocate resources.
in a command economy the government do not do?
Allocate resources.
In command economy the government does not do what?
Allocate resources.
What does government do in a command economy?
Allocate resources.
What is market economy?
System in which individuals own the factors of production and make economic decisions through free interaction. OR an economy that relies chiefly on market forces to allocate goods and resources and to determine prices
