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free enterprise. because with free enterprise it gives the business profit mazimazation because they are not getting taxed and the consumer benefitt maximazation because the business can sell the product at a lower price because it isnt being taxed. stay classy kids :P no pun intended....
What else can I help you with?
What do consumers and businesses in market economy seek to do?
free enterprise. because with free enterprise it gives the business profit mazimazation because they are not getting taxed and the consumer benefitt maximazation because the business can sell the product at a lower price because it isnt being taxed. stay classy kids :P no pun intended....
Who are the consumers in the labor market?
In the labor market, consumers primarily refer to employers and businesses that demand labor to produce goods and services. They seek to hire workers with the necessary skills and qualifications to fulfill their operational needs. Additionally, consumers can also include government entities that hire personnel for public services. Ultimately, these employers drive the demand for labor, influencing wages and employment opportunities.
What economy drives individuals and businesses to make decisions that improve their material wealth.?
The economy that drives individuals and businesses to make decisions improving their material wealth is primarily a market economy, characterized by free competition and consumer choice. In this system, supply and demand dictate prices, encouraging innovation and efficiency as businesses seek profit. Individuals are motivated to maximize their utility, leading to investment in education, skills, and entrepreneurship. Overall, the pursuit of self-interest within a market framework promotes economic growth and wealth accumulation.
What way do producer and cunsumer depend on one another?
Producers and consumers are interdependent in the economy; producers create goods and services that meet the needs and desires of consumers, while consumers provide the demand that incentivizes producers to supply those goods and services. This relationship drives economic activity, as producers rely on consumers for revenue to sustain and grow their businesses. Conversely, consumers depend on producers to provide the variety and quality of products they seek. Together, they create a cycle that fuels economic growth and innovation.
Why firms with low quality goods can survive in planned economy but not in market economy?
In a planned economy, firms with low-quality goods can survive because the government often dictates production and distribution, reducing competitive pressures. These firms may receive state support or lack incentives to improve quality, as consumer choice is limited. In contrast, a market economy thrives on competition, where consumers actively seek higher-quality products, forcing firms to innovate and improve. If firms fail to meet these demands, they risk losing market share or going out of business.
What is it called when businesses seek to attract consumers dollars away from rival businesses?
competition
When businesses seek to attract consumers dollars away from rival business is called?
competition
Why do governmental laws seek to restrict monopolies and cartels benefit consumers and businesses?
To prevent inflation growth.
What do consumers and businesses in market economy seek to do?
free enterprise. because with free enterprise it gives the business profit mazimazation because they are not getting taxed and the consumer benefitt maximazation because the business can sell the product at a lower price because it isnt being taxed. stay classy kids :P no pun intended....
What economy drives individuals and businesses to make decisions that improve their material wealth.?
The economy that drives individuals and businesses to make decisions improving their material wealth is primarily a market economy, characterized by free competition and consumer choice. In this system, supply and demand dictate prices, encouraging innovation and efficiency as businesses seek profit. Individuals are motivated to maximize their utility, leading to investment in education, skills, and entrepreneurship. Overall, the pursuit of self-interest within a market framework promotes economic growth and wealth accumulation.
What are the characteristics of a market economy?
market economy is a system where the laws of supply and those of demand direct the production of goods and services.1 Supply includes natural resources, capital, and labor. Demand includes purchases by consumers, businesses, and the government.Businesses sell their wares at the highest price consumers will pay. At the same time, shoppers look for the lowest prices for the goods and services they want. Workers bid their services at the highest possible wages that their skills allow. Employers seek to get the best employees at the lowest possible price.Capitalism requires a market economy to set prices and distribute goods and services. Socialism and communism need a command economy to create a central plan that guides economic decisions. Market economies evolve from traditional economies. Most societies in the modern world have elements of all three types of economies. That makes them mixed economies
What are the characteristics of market economy?
market economy is a system where the laws of supply and those of demand direct the production of goods and services.1 Supply includes Natural Resources, capital, and labor. Demand includes purchases by consumers, businesses, and the government.Businesses sell their wares at the highest price consumers will pay. At the same time, shoppers look for the lowest prices for the goods and services they want. Workers bid their services at the highest possible wages that their skills allow. Employers seek to get the best employees at the lowest possible price.Capitalism requires a market economy to set prices and distribute goods and services. Socialism and communism need a command economy to create a central plan that guides economic decisions. Market economies evolve from traditional economies. Most societies in the modern world have elements of all three types of economies. That makes them mixed economies
What are characteristics of a market economy?
market economy is a system where the laws of supply and those of demand direct the production of goods and services.1 Supply includes Natural Resources, capital, and labor. Demand includes purchases by consumers, businesses, and the government.Businesses sell their wares at the highest price consumers will pay. At the same time, shoppers look for the lowest prices for the goods and services they want. Workers bid their services at the highest possible wages that their skills allow. Employers seek to get the best employees at the lowest possible price.Capitalism requires a market economy to set prices and distribute goods and services. Socialism and communism need a command economy to create a central plan that guides economic decisions. Market economies evolve from traditional economies. Most societies in the modern world have elements of all three types of economies. That makes them mixed economies
What way do producer and cunsumer depend on one another?
Producers and consumers are interdependent in the economy; producers create goods and services that meet the needs and desires of consumers, while consumers provide the demand that incentivizes producers to supply those goods and services. This relationship drives economic activity, as producers rely on consumers for revenue to sustain and grow their businesses. Conversely, consumers depend on producers to provide the variety and quality of products they seek. Together, they create a cycle that fuels economic growth and innovation.
Reasons why government exercise control over the economy?
Governments exercise control over the economy to promote stability and prevent economic crises, ensuring a predictable environment for businesses and consumers. They aim to regulate essential services, protect public welfare, and promote equitable distribution of resources. Additionally, government intervention can help address market failures, such as monopolies or externalities, and foster economic growth through strategic investments and policies. Ultimately, these measures seek to balance the interests of various stakeholders while maintaining social order.
Why are the consumers needs and goals constantly changing?
Consumer needs and goals are constantly changing due to shifts in demographics, technology, economic conditions, social influences, and personal preferences. As society evolves, consumers seek products and services that align with their changing lifestyles, values, and priorities. This dynamic nature of consumer needs requires businesses to adapt and innovate to stay relevant in the market.
Why are producers interested in achieving an economy of scale?
Producers or companies seek an economy of scale because by doing so it tends to dominate the market for certain products. When this happens, a natural monopoly is created and profits are enhanced.
