Resource Pricing
Competition for financing determines how resources are allocates in the market economy by having the lending institution make the final decision regarding lending the business the funds to expand.
A factor market was created as a result of the need for businesses to acquire the inputs necessary for production, such as labor, capital, and raw materials. As economies evolved, individuals began to offer their skills and resources in exchange for compensation, leading to the establishment of markets where these factors of production could be bought and sold. This allowed for greater specialization and efficiency, ultimately facilitating economic growth and the development of various industries. The interaction between supply and demand in these markets determines the prices of factors, influencing how resources are allocated in the economy.
the difference in market and government occurs in the allocation of resources and labor division which determines the prices
Scarce resources are usually allocated to a given market system based on the demand. In most cases the resources are usually assigned to markets that have a great demand.
traditional economy: resources are allocated based on custom and traditionmixed economy:resources are allcoated based on mixed informtion given.command economy: resources are allocated by the government or other central authoritymarket economy: resources are allocated by individualsCommusim
It is allocated according the market equilibrium which is subjected to the changing market demand and market supply.
It is allocated according the market equilibrium which is subjected to the changing market demand and market supply.
Competition for financing determines how resources are allocates in the market economy by having the lending institution make the final decision regarding lending the business the funds to expand.
well in simple terms........ if you dont do it you will get a zero!!!!
A factor market was created as a result of the need for businesses to acquire the inputs necessary for production, such as labor, capital, and raw materials. As economies evolved, individuals began to offer their skills and resources in exchange for compensation, leading to the establishment of markets where these factors of production could be bought and sold. This allowed for greater specialization and efficiency, ultimately facilitating economic growth and the development of various industries. The interaction between supply and demand in these markets determines the prices of factors, influencing how resources are allocated in the economy.
the difference in market and government occurs in the allocation of resources and labor division which determines the prices
Scarce resources are usually allocated to a given market system based on the demand. In most cases the resources are usually assigned to markets that have a great demand.
traditional economy: resources are allocated based on custom and traditionmixed economy:resources are allcoated based on mixed informtion given.command economy: resources are allocated by the government or other central authoritymarket economy: resources are allocated by individualsCommusim
Factor 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 =)
By the market mechanism...where they will be used most efficiently by those who can pay the price at equilibrium
Mr Gerrard..... well what can i say about him?? in simple terms he is probably the best teacher ever.