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Most economists agree, with some exception, that the role of the government in an economic system is to improve market outcomes in situations where markets fail, primarily due to not meeting the mathematical conditions necessary for efficient price-vector allocations. Government intervention, when market failureoccurs, is seen as a welfare-enhancing outcome because equilibrium can be forcibly restored to a market where it would not otherwise occur. Markets in disequilibriumexperience deadweight inefficiency losses, which represent a significant opportunity cost to society.
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What is the role of government in a leissez faire economic system?
Role of the government is to take taxes.
In the US what role does the government play in the economic system?
the government enforces economic laws and regulations
Does the Constitution of the US include a full description of the role of the government in THE economic system?
The US constitution says very little about the role of the government in the economic system, and certainly does not include a full description of that role.
Centralized economic system?
In centralized economic system everything in the economy is controlled by the government. In this type of economies market does not have any role to play. Production and consumption of goods are controlled by the government.
What role does the government play in a free enterprise system?
It passes economic laws and regulations
What is the role of government in a leissez faire economic system?
Role of the government is to take taxes.
In the US what role does the government play in the economic system?
the government enforces economic laws and regulations
Does the Constitution of the US include a full description of the role of the government in THE economic system?
The US constitution says very little about the role of the government in the economic system, and certainly does not include a full description of that role.
What role does the government play in a free enterprise system?
It passes economic laws and regulations
Which role does a government play in a free enterprise system?
it passes economic laws and regulations
Which role does the government play in free enterprise system?
it passes economic laws and regulations
Centralized economic system?
In centralized economic system everything in the economy is controlled by the government. In this type of economies market does not have any role to play. Production and consumption of goods are controlled by the government.
What is the role of the government in communism?
Communism is a socioeconomic system based on common ownership and a classless society. A communist government has an expanded role in economic matters and basically controthe means of production of the state.
What is the true role of the US government in our free enterprise economic system?
The US government primarily serves as a regulator of businesses and an arbitrator between business disputes.
An economic system in which the central government directs all major economic decisions?
an economic system in which the central government directs all major economic decisions
What is the economic system which has a socialist economic system and a totalitarian form of government?
CommunismNovaNet
Is traditional economic system controlled by government?
NO. In a traditional economic system, the government does not involve itself with transactions, primarily since the barter system makes it difficult for the government to monitor transactions.
