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What else can I help you with?
In the classical economic model which of these rather then the government allocates the resources of the nation?
Price RAWRSAURS
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.
What are the resources allocation under perfect competition?
In economics, perfect competition is a structure that allocates resources as efficiently as possible. When this happens, price and marginal cost are equal.
What are the benefits of the price system?
Information Incentives Choice Efficiency Flexibility
What are he 4 characteristics of the price system?
Independent, flexibility, efficiency, and equality
In the classical economic model which of these rather then the government allocates the resources of the nation?
Price RAWRSAURS
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.
In the classical economic model which of these rather than the government allocates the resources of the nation?
i believe it would be consumption nope its price
What are the resources allocation under perfect competition?
In economics, perfect competition is a structure that allocates resources as efficiently as possible. When this happens, price and marginal cost are equal.
What are The positive and negative effects of price system?
The price system effectively allocates resources by signaling supply and demand, encouraging efficiency and innovation among producers. However, it can also lead to inequities, as those with higher purchasing power can access goods and services more easily, potentially marginalizing lower-income populations. Additionally, market failures, such as monopolies or externalities, can distort pricing and lead to negative social outcomes. Thus, while the price system has benefits, it also poses challenges that require careful management.
How can a price system can be manipulated to promote efficiency?
A price system can be manipulated to promote efficiency by adjusting prices to reflect the true social costs of production and consumption. This can incentivize firms and consumers to make decisions that are more socially beneficial, such as reducing pollution or conserving resources. Additionally, price signals can be used to encourage innovation and investment in more efficient technologies and practices.
What are he 4 characteristics of the price system?
Independent, flexibility, efficiency, and equality
What are the benefits of the price system?
Information Incentives Choice Efficiency Flexibility
Efficiency of price mechanism in allocating resources?
Why the price mechanism is not always efficient at delivering public goods, merit goods and de-merit goods
When an accountant allocates the price of a piece of equipment over a period of time this is called?
Depreciation
How can one determine how to find allocative efficiency in a market?
Allocative efficiency in a market can be determined by comparing the price of a good or service with the marginal cost of producing it. When the price equals the marginal cost, allocative efficiency is achieved. This means that resources are allocated in a way that maximizes overall societal welfare.
What are the uses and advantages of price mechanism?
Basically the price mechanism acts as "an invisible hand" or signaling mechanism. They play a key role in allocating resources and the distribution of the national product. Consumers react to prices with higher or lower demand and producers act accordingly. In other words prices help producers determine the quantity supplied. If consumers demand is high at a certain price, then producers know that they ought to increase supply. If demand is low then they ought to reduce supply. ..that's the basic concept. For more I'd suggest reading some books on micro economics or stuff like Lipsey and Crystal. 1. IT ALLOCATES RESOURCES EFFICIENTLY.( DEMANDERS GET THE MOST FOR THEIR MONEY AND SUPPLIERS GET A GOOD PRICE FOR THEIR PRODUCT) 2.DEMAND AND SUPPLY ARE ABLE TO ACT NATURALLY. ECONOMIC EFFICIENCY.( THE ALTERNATIVE IS A CENTRALIZED SYSTEM WITH THE GOVERNMENT ALLOCATION RESOURCES. THIS RAISES THE QUESTION," DOES THE GOVERNMENT KNOW WHAT IS BEST FOR THE PEOPLE?") these are quotes from my economics book.
