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Economic problem arises mainly due to two reasons- (i) human wants are unlimited (ii) means to satisfy human wants are scarce.
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Why do all economics have similar central problems?
All economics in the current world (except North Korea) are based on open or semi open market capitalistic economy. Being the same economical model, they face similar central problems.
An economy in which the central government makes all the decisions about a country's economic policies?
This is a form of planned economy which is called a command economy. Command economies are central to the ideology of socialism.
Most economies today are economies?
all economies today are actually (mixed)
What are the economies of all cultures based on?
Economies of most, but not all, cultures are based on some type of currency (money). Economies could also be based on barter, gold, etc.
What are almost all economies today?
All economices today are actually
Why do all economics have similar central problems?
All economics in the current world (except North Korea) are based on open or semi open market capitalistic economy. Being the same economical model, they face similar central problems.
An economy in which the central government makes all the decisions about a country's economic policies?
This is a form of planned economy which is called a command economy. Command economies are central to the ideology of socialism.
Most economies today are economies?
all economies today are actually (mixed)
Are all atoms are similar in structure?
Yes. They all have a central nucleus with an electron probability cloud surrounding it.
What is Today the economies of virtually all nations would be classified as?
mixes economies
What are the economies of all cultures based on?
Economies of most, but not all, cultures are based on some type of currency (money). Economies could also be based on barter, gold, etc.
How does money greases the wheels of the economic activity?
source of inputs; used to purchase capital goods. payment of labour. medium of exchange in economies. it is central in all economic activities.
What are the problems faced by Indian banks?
Similar to those face by all other banks
Why is documentation of all services and repairs an important organizational tool for a technician?
It provides reference material for similar problems when such problems are encountered in the future.
All large modern economies have become mostly market economies because market economies provide?
the most efficient use of resources in producing what people want
Are major economies reliant on arms sales?
Arms sales make a significant contribution to all major economies.
Why did so many socialist economics fail?
Depends what is meant by "failure". The economies of the former Soviet Union and Eastern bloc were considered successful at generating economic growth and raising the living standards for their population. However, there were serious deficiencies with their economic systems arising from perverse incentives. Corruption and disincentives to act on information became prominent due to the political system of single-party rule and the mandate that party-approved officials oversaw all aspects of society. This meant that people in important positions were chosen based on party loyalty rather than technical competence and bred a culture of corruption. The second major issue with these economies was over-centralization of economic decision-making, resulting in ill-informed and inflexible nation-wide plans. Although these economies were nominally "planned economies", in reality they were "managed" economies. To date all socialist economies with the exception of Yugoslavia have been based on this Soviet economic model, so inherited its deficiencies and problems. So all these "socialist economies" stagnated for similar reasons. China and Vietnam began moving toward state-directed capitalism.
