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What is a market economy in which the productive resources are privately owned?
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What if your friend is a business owner in a market economy. What decides how to allocate the productive resources he uses?
Central authority
In what ways are the three economic systems alike what are the major differences?
The three economic systems are the command economy, the free-market economy, and the mixed economy; they are all the same because they refer to the production and circulation of goods and services. In the command economy all resources are owned by the government, in the free market economy all resources are owned privately, in the mixed economy resources are owned by both.
Where are productive resources bought and sold?
Factor Market
What are the 3 basic economic system models?
The 3 basic economic system models are mixed economy, command economy, and free-market economy. In a mixed economy recourse are owned publicly and privately while in a command economy resources are owned by the government.
If flow 1 is the cost businesses pay to the resources market then......?
Is the flow of productive resources.
What if your friend is a business owner in a market economy. What decides how to allocate the productive resources he uses?
Central authority
In what ways are the three economic systems alike what are the major differences?
The three economic systems are the command economy, the free-market economy, and the mixed economy; they are all the same because they refer to the production and circulation of goods and services. In the command economy all resources are owned by the government, in the free market economy all resources are owned privately, in the mixed economy resources are owned by both.
Where are productive resources bought and sold?
Factor Market
What are the 3 basic economic system models?
The 3 basic economic system models are mixed economy, command economy, and free-market economy. In a mixed economy recourse are owned publicly and privately while in a command economy resources are owned by the government.
If flow 1 is the cost businesses pay to the resources market then......?
Is the flow of productive resources.
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.
Who owns the resources in market economy?
Consumers
Factor market are where productive resources are bought and sold True Or False?
True.
The idea that businesses should be privately owned and have the possibility of profit is a feature of a?
market economy, liberalism
Who gets scarce resources in a market economy?
the government
How does a market economy differ from a command economy?
In a command economy the government decides how resources are used and what goods and service are produced. In a market individuals make the decisions about how resources are used and what gods and services to provide.
How does a market economy differs from a command economy?
In a command economy the government decides how resources are used and what goods and service are produced. In a market individuals make the decisions about how resources are used and what gods and services to provide.
