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Market systems are based on "least-cost" production, meaning that companies will do anything that they can to produced as much as they can for as little as they can. You can say that they want the most "bang for their buck".
If they achieve productive efficiency such as this, then the savings will translate to the consumers, and prices will go down. If prices go down, then consumers will be more inclined to purchase that product, and companies that product a similar product will feel the need to become more efficient as well, to keep up with their competitors.
In this way, competition helps to spur on progress, as efficiency most likely implies technological advances to make production processes simpler, cheaper, or faster. Market systems, in this manner, have a sort of self-replenishing of progress promotion; a continuous advancement of ideas and technology is essential to any company in a market economy.
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What measures does not help promote technological progress?
reducing the scale of the market for a new product
What are the five basic economic questions?
1 - What goods and services will be produced? 2 - How will the goods and services be produced? 3 - Who will get the goods and services? 4 - How will the system accommodate change? 5 - How will the system promote progress?
A democratic political system is an essential for sustained economic progress?
yes a good democratic system of govt can sustain economic progress yes a good democratic system of govt can sustain economic progress
How does voluntary trade promote economic progress?
It encourages specialization and usually means more profit
Does Germany have a market or mixed economic system?
it has an market system for Germany it has an market system for Germany
What does not help promote technological progress?
reducing the scale of the market for a new product
What measures does not help promote technological progress?
reducing the scale of the market for a new product
Which of the following measures does not help promote technological progress?
reducing the scale of the market for a new product
What is the same word as advance?
Progress, promote, move on.
To promote the cause?
To promote the cause is to further the progress of it, to support it or actively encourage it. Today the principle way to promote things is on the internet.
What are five basic economic questions?
1 - What goods and services will be produced? 2 - How will the goods and services be produced? 3 - Who will get the goods and services? 4 - How will the system accommodate change? 5 - How will the system promote progress?
What are the five basic economic questions?
1 - What goods and services will be produced? 2 - How will the goods and services be produced? 3 - Who will get the goods and services? 4 - How will the system accommodate change? 5 - How will the system promote progress?
What is the market cap for Progress Software Corporation PRGS?
As of July 2014, the market cap for Progress Software Corporation (PRGS) is $1,204,684,360.58.
What is the aim of the US copyright system?
"To promote the Progress of Science and useful Arts, by securing for limited Times to Authors and Inventors the exclusive Right to their respective Writings and Discoveries."
Who shall have the power to promote the progress of science and useful arts?
Congress.
What is different ways to promote the new soft drink in the market?
You are a marketin manager How can you promote soft drink in the market Please give detail
How do you promote a new software in market?
You advertise it.
