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Which economic goals are difficult to achieve in a pure market system?
efficiency and freedom
Economics can best describe as the study of?
Economic efficiency describes how well a system generates desired output.
Which of the following kinds of economic systems allows for the greatest efficiency?
The most efficient type of economic system, allowing for greastest efficiency in allowing citizens to prosper by ingenuity, intelligence, and determination is capitalism, which we have in the republic of the United States of America.
Difference between technical efficiency and economic efficiency?
technical efficiency is related to change in output due to change in input and economic efficiency refers to a number of related concepts.
Why does the use of money contribute to economic efficiency?
The use of money increases economic efficiency because without it, we would be a barter system. In a barter system, if I want potatoes, and have oranges to trade, the person with the potatoes has to want oranges to be willing to trade with me. With the use of money, I can give him a known amount of value in money, which he can buy what he wants to with.
How do you spell econimy?
The correct spelling is "economy" (cost efficiency, or an economic system).
Which economic goals are difficult to achieve in a pure market system?
efficiency and freedom
Economics can best describe as the study of?
Economic efficiency describes how well a system generates desired output.
Which of the following kinds of economic systems allows for the greatest efficiency?
The most efficient type of economic system, allowing for greastest efficiency in allowing citizens to prosper by ingenuity, intelligence, and determination is capitalism, which we have in the republic of the United States of America.
Difference between technical efficiency and economic efficiency?
technical efficiency is related to change in output due to change in input and economic efficiency refers to a number of related concepts.
Why does the use of money contribute to economic efficiency?
The use of money increases economic efficiency because without it, we would be a barter system. In a barter system, if I want potatoes, and have oranges to trade, the person with the potatoes has to want oranges to be willing to trade with me. With the use of money, I can give him a known amount of value in money, which he can buy what he wants to with.
What are the 7 different criteria to judge an economic system?
What are the vital criteria use to jugde the performance of the various economics system
What are Three goals of the free enterprise system?
So-called free enterprise is concerned with making profits.
Who challenged the assumption that ethical behavior comes at the expense of economic efficiency?
who challenged the assumption that ethical behavior comes at the expense of economic efficiency
Does an increase of economic surplus in a market always mean that economic efficiency has increased?
No. If marginal cost of production decreases but market output stays the same, economic surplus and deadweight loss both increase, causing economic efficiency to decrease.
What are the different economic system?
traditional economic system command economic system market economic system
Explain how a market system achieves economic efficiency?
market systemWhere money is used for exchange in place of goods and services.According to economists, the free market system brings efficiency because customers are free to buy from whatever company they want to buy from. If they do not like the way one company does...
