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Which economic institution owns the factors of production in a market economy?
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∙ 14y ago
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Wiki User
∙ 14y ago
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What is the name of an economic system in which private citizens own the factors of production?
I believe the answer is "a command economy"It is market economy
Who owns the factors of productiom and makes economic decisions in a market economy?
Individuals own the factors of production and make economic decisions in a market economy. This is in contrast to a command economy, where the government makes those decisions.
What is a system in which individuals own factors of production and make economic decisions?
mixed economy
Explain briefly the contribution of the factors of production to economic activity?
The faster that products can be made, the more economic activity that can occur. If the product production slows down, the economy will slow down as well.
What are the factors of production in an economic system?
The factors of production in an economic system describe functions the resources do. Economic resources are labor, land, enterprise, and capital.The government controls the factors of production in each economic system.
What is the name of an economic system in which private citizens own the factors of production?
I believe the answer is "a command economy"It is market economy
Who owns the factors of productiom and makes economic decisions in a market economy?
Individuals own the factors of production and make economic decisions in a market economy. This is in contrast to a command economy, where the government makes those decisions.
What is a system in which individuals own factors of production and make economic decisions?
mixed economy
Explain briefly the contribution of the factors of production to economic activity?
The faster that products can be made, the more economic activity that can occur. If the product production slows down, the economy will slow down as well.
What are the factors of production in an economic system?
The factors of production in an economic system describe functions the resources do. Economic resources are labor, land, enterprise, and capital.The government controls the factors of production in each economic system.
Who owns the factors of production in market economy?
factors of production by govt. , by society and privetly
What is an economic system in which the government decides what will be produced how it will be produced who gets what is produced and who owns and controls the major factors of the production?
Command economy. wrooooooong!
Who owns the factors of production in a traditional economy?
The question is nonsensical. The factors of production require the existence of a consistent production, but this does not exist in a traditional economic system. All things that are produced are produced using common materials that are available to all and items are only created when they are necessary - not when a factory owner chooses to produce.
What is market economy?
System in which individuals own the factors of production and make economic decisions through free interaction. OR an economy that relies chiefly on market forces to allocate goods and resources and to determine prices
What market economy?
System in which individuals own the factors of production and make economic decisions through free interaction. OR an economy that relies chiefly on market forces to allocate goods and resources and to determine prices
Economic resources are also known as?
Factors of production.
Factors of production history?
Factors of production are essential conditions or resources that favor economic production, and include land, labor, entrepreneurship, and capital.
