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Would the production-possibility frontier look different in a command economy?
The production-possibility frontier would not look different in a command economy compared to a market economy because the PPF equate the rates of production between two goods which both use equal factors of production.
Economic problems for a mixed economy?
A mixed economy system is an economy system that combines elements of capitalism and socialism. The economic problems of a mixed economy are ,What to produce?, How should production be organized?, For whom should production take place?.
Is the current US economy on the production possibility curve?
An economy can be producing on the PPF curve only in theory. In reality, economies constantly struggle to reach an optimal production capacity.
What do you call an economy working at its most efficient production level?
PPF- product possibility frontier.
What happens to supply when technology improves?
when technology improves, PPC (production possibility curve ) will shift rightward and the total production in an economy will increase.
Would the production-possibility frontier look different in a command economy?
The production-possibility frontier would not look different in a command economy compared to a market economy because the PPF equate the rates of production between two goods which both use equal factors of production.
Would the production possibility frontier look different in a command economy?
The production-possibility frontier would not look different in a command economy compared to a market economy because the PPF equate the rates of production between two goods which both use equal factors of production.
Economic problems for a mixed economy?
A mixed economy system is an economy system that combines elements of capitalism and socialism. The economic problems of a mixed economy are ,What to produce?, How should production be organized?, For whom should production take place?.
What is representation of the possible ways an economy could use resources?
Production Possibility Frontier
Is the current US economy on the production possibility curve?
An economy can be producing on the PPF curve only in theory. In reality, economies constantly struggle to reach an optimal production capacity.
What do you call an economy working at its most efficient production level?
PPF- product possibility frontier.
What happens to supply when technology improves?
when technology improves, PPC (production possibility curve ) will shift rightward and the total production in an economy will increase.
What are the central economic problems?
the central economic problems faced by the economy are what to produce,how to produce,for whom to produce,how to achieve the fuller utilisation of resources
Is when a central authority controls prices and production of goods and services?
A command economy
When a central authority controls prices and production of goods and services.?
A command economy
Discuss the economic problems that are likely to occur as a country moves from central planning towards a market economy?
Discuss the economic problems that are likely to occur as a country moves from central planning towards a market economy?
How do you illustrate a production possibility frontier?
By using production possibility curve,country is producing both industrial and agricultural product using available resources, technology country operating inside production possibility curve shows the levels underdevelopment, which will be result under utilisation of resources ,poor technology. The country operating outside production possibility curve show the levels of development in economy, however, an economy can produce both industrial and agricultural using the resources available without effecting the production each . A shift from inside to outside it may be result of discovering of new resources, improved technology .
