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What are the signals that guide the allocation of resources in a market economy are?
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In a market economy what are the most important factors affecting scarcity?
C) the degree to which the government is involved in the allocation of resources.
How does market and government differ in allocation of resources?
the difference in market and government occurs in the allocation of resources and labor division which determines the prices
What are disadvantages to a market economy?
A Market economy is reffered to as an economy in which the consumers decide what to produce, How to produce and For whom to produce. There are several disadvantages of a market economy. The main one being an inefficient allocation of resources refered to as market failure. Firstly, some good and services would be under provided such as defence and education.
What statement does not describe a market economy?
The problems of scarcity and allocation of resources are addressed by production for use or need rather than productio for profit.
How does resources are allocated in Mixed economy?
Some decisions are taken by the households ad firms, like in a free market economy. Whilst some decisions and resource allocation policies are set by the government.
In a market economy what are the most important factors affecting scarcity?
C) the degree to which the government is involved in the allocation of resources.
How does market and government differ in allocation of resources?
the difference in market and government occurs in the allocation of resources and labor division which determines the prices
What are disadvantages to a market economy?
A Market economy is reffered to as an economy in which the consumers decide what to produce, How to produce and For whom to produce. There are several disadvantages of a market economy. The main one being an inefficient allocation of resources refered to as market failure. Firstly, some good and services would be under provided such as defence and education.
What statement does not describe a market economy?
The problems of scarcity and allocation of resources are addressed by production for use or need rather than productio for profit.
How does resources are allocated in Mixed economy?
Some decisions are taken by the households ad firms, like in a free market economy. Whilst some decisions and resource allocation policies are set by the government.
When the market does not result in an efficient allocation of scarce resources economists call this?
market failer
How are good resources distributed in a free market economy?
In a free market economy, goods and resources are distributed by property and supply/demand.
Describe the allocation of resources in market and mixed economic systems?
In a free market where the demand and supply of resources as return to factors are determined by market forces to determine the resource allocation usually owned by private Enterprise through price mechanism, although government control to some extent also determines the allocation of resources for auxiliary or subordinate production of goods and services in a mixed economic system by planning in the production possibilities by the scarce resource allocation .
How are resources allocated in mixed economies?
Some decisions are taken by the households ad firms, like in a free market economy. Whilst some decisions and resource allocation policies are set by the government.
Who owns the resources in market economy?
Consumers
What are three signals to which the market economy responds?
prices, cost, and profit
You live in an economy with a circular flow of influences and inputs between producers and consumers What kind of economy do you live in?
A. Free market
