economics
A price coordinated economy is one where prices determine the allocation of scarce goods and services.
All resources are scarce.
What are all goods and services scarce
Generally, because supplies are never infinite, the opposite of scarce. For many goods, demand is constant or growing, and supply is NOT.
Resources are limited .
A price coordinated economy is one where prices determine the allocation of scarce goods and services.
All resources are scarce.
All resources are scarce.
What are all goods and services scarce
Generally, because supplies are never infinite, the opposite of scarce. For many goods, demand is constant or growing, and supply is NOT.
Resources are limited .
the prices increases, and the goods become expensive.
Why the price mechanism is not always efficient at delivering public goods, merit goods and de-merit goods
The price mechanism as you put it, is actually the way that goods are exchanged for money. If the price is too high not many goods are sold, if it is too low, stocks quickly depleate. So this mechanism is the methods by which the price and the quantity being sold over a specific short time become equivalent to the rate at which the goods are being currently produced.
A system of allocating scarce goods and services using criteria other than price is _____.
True. Because all resources are limited and become scarce.
Free goods are gift of nature .Their supply is unlimited .They are not scarce though they are useful.