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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.
When is the allocation of resources in an economy considered to be inefficient?
when total resources in an economy is not equally allocated among four factors of production i.e land, labor, capital and organization then allocation of resources in an economy considered to be inefficient.
What are the factors of production in a command economy?
the government dose
Who controls the factors of production in a capitalist economy?
The capitalist class.
What is the best description of macroeconomics?
The study of economics from a broad perspective of the resources and factors of production in an economy
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.
When is the allocation of resources in an economy considered to be inefficient?
when total resources in an economy is not equally allocated among four factors of production i.e land, labor, capital and organization then allocation of resources in an economy considered to be inefficient.
What are the factors of production in a command economy?
the government dose
Who controls the factors of production in a capitalist economy?
The capitalist class.
What is the description of macroeconomic?
The study of economics from a broad perspective of the resources and factors of production in an economy
What are the factors that determine country?
The factors that determine a country include its geographical location, natural resources, population size, government structure, culture, economy, and history. These factors can influence a country's political power, economic development, social stability, and overall well-being.
What is the best description of macroeconomics?
The study of economics from a broad perspective of the resources and factors of production in an economy
What are market forces?
Supply, demand, capital, labor--laws. Tariffs and taxes have an effect on the economy, too.
In the circular flow of the economy what do households do?
Allow Financial sector to hold savings. Pay tax (direct & indirect) to the Government. Spend on consumption, which goes to Producers. Provide factors of production / resources to Producers.
Who owns the factors of productiom and makes economic decisions in a market economy?
Individuals own the factors of production and make economic decisions in a market economy. This is in contrast to a command economy, where the government makes those decisions.
What are the key factors for participating in the information economy on a global basis?
The transition requires that the rules and practices that determined success in the industrial economy need rewriting in an interconnected, globalized economy where knowledge resources such as know-how and expertise are as critical as other economic resources.
What are the key factors for participation in the information economy on a global basis?
The transition requires that the rules and practices that determined success in the industrial economy need rewriting in an interconnected, globalized economy where knowledge resources such as know-how and expertise are as critical as other economic resources.
