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How does a market system prevent people from getting as many goods and services as they wish?
The market system allocates goods and sercives to those who are able to pay for those products and therefore income is a limiting factor.
Compare the circular flow diagrams of a free market and mixed economy describe hoe they differ and why?
In a mixed economy, the government purchases land, labor,and capital from households in the factor market, and purchases goods and services in the product market.
Example of factor market?
An example of factor market is the automobile market. This is a market that exists as a result of demand for something that consumers use.
What are the rules of households and firms in a market economy?
In a market economy, firms make the goods. Households buy the goods.
Disadvantages of market mechanism?
it does not take into account market power, public goods, merit goods and externalities. it works in a free market and not in a controlled one.
What is the difference between factor and product market?
The difference between a factor market and a product market is that a factor market is a market where productive resources are bought and sold, while a product market is a market where products offer goods and services for sale.I copied this out of my econ book =)
How does a market system prevent people from getting as many goods and services as they wish?
The market system allocates goods and sercives to those who are able to pay for those products and therefore income is a limiting factor.
What is the difference between the fact market and the product market?
The factor market is where resources, such as labor, capital, and land, are bought and sold to produce goods and services. In contrast, the product market is where finished goods and services are exchanged between producers and consumers. Essentially, the factor market deals with inputs used in production, while the product market focuses on the outputs of that production. Together, they form the basis of an economy's functioning, linking production and consumption.
What is the difference between a labor market and a factory market?
The primary difference between product markets and factor markets is that factors of production like labor and capital are part of factor markets and product markets are markets for goods.
What did the new American middle classs create?
A market for mass-produced goods
Compare the circular flow diagrams of a free market and mixed economy describe hoe they differ and why?
In a mixed economy, the government purchases land, labor,and capital from households in the factor market, and purchases goods and services in the product market.
Which market or markets are consumer goods and services bought into?
Goods or services bought by a consumer are bought in the consumer market. The consumer market includes fast moving consumer goods, consumer durables, soft goods and services.
What is a goods market?
A goods market is a place where different types of products are bought and sold. A goods market might be organized by a town during a special event or on a certain day of the week.
Example of factor market?
An example of factor market is the automobile market. This is a market that exists as a result of demand for something that consumers use.
For whom are goods services produce in a market economy?
In a market economy, goods and services are produced for consumers.
How did height tariffs contribute to the stock market crash?
well high tariffs disencouraged international trade because it cost countries lots of money to transport their goods to other countries, therefore goods made in factories started piling up, and this loss of profit was a factor for the stock market crash.
What are the rules of households and firms in a market economy?
In a market economy, firms make the goods. Households buy the goods.
