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The price mechanism theory is not an effective tool of allocating resources in less developed countries. discuss?
The price mechanism is based on the economical principles of supply and demand. It does not work with underdeveloped nations because poverty can interfere with basic supplies that people want and need. Therefore, it does not accurately allow the market to determine necessities since poor people may not be able to buy what they need.
What else can I help you with?
Describe four advantages of using price as an allocating mechanism?
Advantages of using price as an allocating mechanism are that it's a basic system and is already well-known. Other advantages are that it's easy to understand and the principles are universal in nature.
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
What is an advantage of using the market mechanism to allocate resources between alternative uses?
An advantage of the market mechanism over government intervention as a method of allocating resources is efficiency. The forces of demand and supply create automatic economic order.
Discuss whether the price mechanism is an effective way to solve the basic economic problem?
Price mechanism is an effective way to solve the basic economic problem. The price of a product is what will determine the demand and this will influence the production output which directly affects the economy.
Is the price mechanism an effective way to the solve the basic economic problem?
The price mechanism is a feature of the free market and operates through demand and supply and the self interest of individuals, government action is minimised. This has the benefits of incentive, efficiency, innovation, choice and consumer sovereignty. Against this there may be market failure including inequality, lack of public and merit goods, externalities and instability. Depending upon the degree of failure the mechanism may be more or less effective. The price mechanism does not solve the basic economic problem but is thought to be effective when operating efficiently.
What are four advantages of using price as an allocating mechanism?
The advantages of using price as an allocating mechanism include that it is a simple system and it is already known. Two other advantages are that it is easy to understand and it is universal.
Describe four advantages of using price as an allocating mechanism?
Advantages of using price as an allocating mechanism are that it's a basic system and is already well-known. Other advantages are that it's easy to understand and the principles are universal in nature.
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
What is an advantage of using the market mechanism to allocate resources between alternative uses?
An advantage of the market mechanism over government intervention as a method of allocating resources is efficiency. The forces of demand and supply create automatic economic order.
Why do some people believe that the market system is the best mechanism for allocating scarce resources?
Some people believe that the market system is the best mechanism for allocating scarce resources because it allows for competition, which can drive efficiency and innovation. They argue that market forces of supply and demand provide a self-regulating mechanism that can efficiently allocate resources based on consumer preferences and willingness to pay. Additionally, proponents of the market system often view it as promoting individual choice and freedom.
What is an effective virus control mechanism you can install?
to find out look on a health/ doctor website
Discuss whether the price mechanism is an effective way to solve the basic economic problem?
Price mechanism is an effective way to solve the basic economic problem. The price of a product is what will determine the demand and this will influence the production output which directly affects the economy.
Is the price mechanism an effective way to the solve the basic economic problem?
The price mechanism is a feature of the free market and operates through demand and supply and the self interest of individuals, government action is minimised. This has the benefits of incentive, efficiency, innovation, choice and consumer sovereignty. Against this there may be market failure including inequality, lack of public and merit goods, externalities and instability. Depending upon the degree of failure the mechanism may be more or less effective. The price mechanism does not solve the basic economic problem but is thought to be effective when operating efficiently.
Why do skunks give out bad smells?
The musky smell is a defense mechanism, which is an effective repellent against many predators.
A system of allocating scarce goods and services using criteria other than price is .?
A system of allocating scarce goods and services using criteria other than price is known as a non-price rationing mechanism. Non-price rationing mechanisms include methods such as first-come, first-served, lottery, merit-based allocation, and need-based allocation. These mechanisms are often used in situations where price-based allocation may not be fair or equitable, such as in healthcare, education, or disaster relief efforts.
Who was Alfred Wagner and what did he do?
The geologist who developed the theory of plate tectonics. However, most did not believe him because Wagner did not have a mechanism for how the plates moved.
What are the functions of physiological dead space?
There is no function of the physiological dead space. It is inevitable to be there in this design of respiration. So it is the defect in the design. But you have a very large physiological reserve to overcome the defect in this design. You have very effective system as in case of fish to get the oxygen out of water. But there is very low oxygen contents in water, making it essential to have such effective mechanism. Such effective mechanism is not necessary when abundant oxygen is available in air.
