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What else can I help you with?
What allocates the economic resources of the nation?
scarcity
What is the difference between Keynesian and classical economic theories?
Keynesian economic theory focuses on government intervention to manage economic fluctuations, while classical economic theory emphasizes a hands-off approach with minimal government involvement in the economy.
Would a Republican agree with the classical economic theory?
Classical economic theory held that markets regulate themselves, and don't need any outside intervention, such as that of a government. Modern Republicans would certainly agree with it.
What are the factors of production in an economic system?
The factors of production in an economic system describe functions the resources do. Economic resources are labor, land, enterprise, and capital.The government controls the factors of production in each economic system.
How is north Korea government involved in its economy?
North Korea's government exerts extensive control over the economy through centralized planning and state ownership of all means of production. The Workers' Party of Korea dictates economic policies, and the state allocates resources, sets prices, and controls trade. This system prioritizes military and heavy industry over consumer goods, leading to chronic shortages and inefficiencies. Additionally, the government restricts private enterprise and foreign investment, further entrenching its dominance over economic activity.
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 allocates the economic resources of the nation?
scarcity
What is the difference between Keynesian and classical economic theories?
Keynesian economic theory focuses on government intervention to manage economic fluctuations, while classical economic theory emphasizes a hands-off approach with minimal government involvement in the economy.
How did US government use the nation's economic resources during World War 2?
The US Government focused the nation's economic resources primarily on the war efforts.
Would a Republican agree with the classical economic theory?
Classical economic theory held that markets regulate themselves, and don't need any outside intervention, such as that of a government. Modern Republicans would certainly agree with it.
Comparison of classical and neo classical economist?
classical economists are those economists who used 'scarce resources' concepts in their economic theories where as neo ones used price output income distribution like concepts in their theories.
What are the factors of production in an economic system?
The factors of production in an economic system describe functions the resources do. Economic resources are labor, land, enterprise, and capital.The government controls the factors of production in each economic system.
What are the policy implications of the classical school?
The classical school of thought in economics emphasizes minimal government intervention in the economy, promoting free markets and individual self-interest as the driving forces of economic growth. This suggests policy implications such as reducing government regulation, promoting free trade, and allowing market forces to determine prices and allocation of resources. Additionally, policies that support private property rights and enforce contracts are seen as crucial for economic development.
Economic resources in the capitalist system are brought together by who?
government units
What are the Major themes and concepts of classical school of thought?
The classical school of thought emphasizes rational decision-making by individuals, based on self-interest and utility maximization. It also focuses on the importance of free markets, competition, and limited government intervention in achieving economic efficiency. Additionally, classical economists believe in the effectiveness of the invisible hand mechanism in allocating resources and promoting overall societal welfare.
What is a good economics system and how does it impact society?
A good economic system is one that efficiently allocates resources, promotes growth, and reduces inequality. It impacts society by influencing income distribution, employment opportunities, and overall standard of living.
Who controls the prices of goods and services in the economic system communism?
The government decides where to invest resources.
