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In a pure market economy who determines which goods and services are produced and in what quantities?
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What is the principle idea that the invisible hand of competition sets prices and determines quantities produced in a market economy?
Adam Smith
In a mixed-market economic system who determines what products should be produced and how they should be produced?
In a command economy, also known as a planned economy, the government largely determines what is produced and in what amounts. In a mixed economy both market forces and government decisions determine which goods and services are produced and how they are distributed.
Who determines what goods to produce in the economy?
It is the demand and supply which determines the goods and services to produce in the economy.
What are the effects of the Philippine topography in the economic life its people?
The area of the Philippines is a major influence in the economy. It determines who they can trade with and what foods can be produced.
What is an economic system in which the government plans and determines the production of goods and services?
Command economy
What is the principle idea that the invisible hand of competition sets prices and determines quantities produced in a market economy?
Adam Smith
In a mixed-market economic system who determines what products should be produced and how they should be produced?
In a command economy, also known as a planned economy, the government largely determines what is produced and in what amounts. In a mixed economy both market forces and government decisions determine which goods and services are produced and how they are distributed.
Who determines what goods to produce in the economy?
It is the demand and supply which determines the goods and services to produce in the economy.
What is a major aspect of a command economy?
Supply and demand determines what will be produced.
What are the effects of the Philippine topography in the economic life its people?
The area of the Philippines is a major influence in the economy. It determines who they can trade with and what foods can be produced.
For whom are goods services produce in a market economy?
In a market economy, goods and services are produced for consumers.
Who determines what goods are produced in a market economy?
The Market(consumers... through their decisions) does it.
What goods and services will be produced in command economy?
a good
What is an economic system in which the government plans and determines the production of goods and services?
Command economy
What three questions define the economy of a society?
what goods and services should be produced? How should goods and services be produced? who should get and use the goods and services?
What is the difference between a free market and communist economy?
In a capitalist economy, production is determined by free market forces such as supply and demand. In a communist economy, the government determines which goods and services get produced and how much is available at any given time. Hope it helps!
What are the production distribution and consumption of goods and services?
An economy is a system for producing goods and services.
