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When is the allocation of resources in an economy considered to be inefficient?
Wiki User
∙ 12y ago
when total resources in an economy is not equally allocated among four factors of production i.e land, labor, capital and organization then allocation of resources in an economy considered to be inefficient.
Wiki User
∙ 12y ago
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What are disadvantages to a market economy?
A Market economy is reffered to as an economy in which the consumers decide what to produce, How to produce and For whom to produce. There are several disadvantages of a market economy. The main one being an inefficient allocation of resources refered to as market failure. Firstly, some good and services would be under provided such as defence and education.
In a socialist economy how are the basic problems of scarcity and allocation of limited resources addressed?
By production for use or need.
In a market economy what are the most important factors affecting scarcity?
C) the degree to which the government is involved in the allocation of resources.
What are the pros and cons of command economy?
Pros A sense of community within the economy Income equality Potential to get things done very quickly Cons Little innovation No competition within the economy Firms will have a hard time competition in the world market The quality of the good are detrimental Inefficient allocation of resources Lack of Freedom Lack of personal gain Generally, there is a lower standard of living when compared to a free market economy
What statement does not describe a market economy?
The problems of scarcity and allocation of resources are addressed by production for use or need rather than productio for profit.
What are disadvantages to a market economy?
A Market economy is reffered to as an economy in which the consumers decide what to produce, How to produce and For whom to produce. There are several disadvantages of a market economy. The main one being an inefficient allocation of resources refered to as market failure. Firstly, some good and services would be under provided such as defence and education.
In a socialist economy how are the basic problems of scarcity and allocation of limited resources addressed?
By production for use or need.
In a market economy what are the most important factors affecting scarcity?
C) the degree to which the government is involved in the allocation of resources.
Is it important to develop model of economy that can help us define and decide what is meant by efficient allocation of resources?
yes
What does resource allocation mean?
'Resource Allocation' is a management terminology phrase for the scheduling of activities and resources needed to complete them whilst taking into consideration both the time needed to complete and effort it will take.
What are the pros and cons of command economy?
Pros A sense of community within the economy Income equality Potential to get things done very quickly Cons Little innovation No competition within the economy Firms will have a hard time competition in the world market The quality of the good are detrimental Inefficient allocation of resources Lack of Freedom Lack of personal gain Generally, there is a lower standard of living when compared to a free market economy
What statement does not describe a market economy?
The problems of scarcity and allocation of resources are addressed by production for use or need rather than productio for profit.
How does resources are allocated in Mixed economy?
Some decisions are taken by the households ad firms, like in a free market economy. Whilst some decisions and resource allocation policies are set by the government.
What is India's weak point in ecocomy and industries?
the weakest point in our Indian economy is the inefficient planning. the sectors that should be focused the most are employment and agriculture and better use of our resources.
What has changed in the economy from 1800 to 2011?
Industrial Revolution. Increase ideas of Materialism which causes much capitalist views. Capitalism of its self would be free market, which is another way of saying Capitalism is the quintessence of Economy. More of this belief being stimulated in the people means typically more people buying and selling and trading, with the help of the Industrial Revolution; in turn means that the Economy itself rises as Resources can be allocated much faster and smoother. Resources and Allocation are key when looking at Economics as looking at the definition of Economics you see that it is the study of allocation of resources.
What are some disadvantages of planned economy?
One disadvantage of the planned economy is that there is inefficient resource distribution.
What are the pros and cons of traditional economy?
Cons Lack of modernization, hard to change economy's "style" Little innovation No competition within the economy Firms will have a hard time competition in the world market The quality of the good are detrimental Inefficient allocation of resources Lack of Freedom Lack of personal gain Generally, there is a lower standard of living when compared to a free market economy Pros A sense of community within the economy Income equality Potential to get thins done VERY quickly The roles of individuals are clearly defined Every member of the society knows exactly what to do Most don't have complaints about what to do
