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In which type of economy are choices made by consumers?
market
In a free market economy the factor market involves which type of exchange?
a. the goods and services that households produce are purchased by firms.b. firms purchase factors of production from householdsc. Households purchase factors of production from firmsd. firms loan money to households to purchase capital
What are the rules of households and firms in a market economy?
In a market economy, firms make the goods. Households buy the goods.
Supporters of command economies claim that firms in market economies do not produce the goods and services wanted by the poor because?
firms produce only what people with money want and need.
In a free market economy firms purchase from households?
In a free market economy, firms purchase factors of production such as labor, from households.
What are the roles of household and firm in a market economy?
Consider an economy consisting of households and firms which interact in two markets i.e. the goods and services market in which firms sell and households buy; and the labor market in which households sell labor to business firms or other employees. Required: Illustrate the above economy on a diagram
In which type of economy are choices made by consumers?
market
What are the roles of households and firms in a market?
Consider an economy consisting of households and firms which interact in two markets i.e. the goods and services market in which firms sell and households buy; and the labor market in which households sell labor to business firms or other employees. Required: Illustrate the above economy on a diagram
In a free market economy the factor market involves which type of exchange?
a. the goods and services that households produce are purchased by firms.b. firms purchase factors of production from householdsc. Households purchase factors of production from firmsd. firms loan money to households to purchase capital
What are the rules of households and firms in a market economy?
In a market economy, firms make the goods. Households buy the goods.
What are the roles of household and firms a market economy?
in a market economy, firms make the goods. Households buy the goods
What are the roles of households and firms in the market economy?
in a market economy, firms make the goods. Households buy the goods
Supporters of command economies claim that firms in market economies do not produce the goods and services wanted by the poor because?
firms produce only what people with money want and need.
In a free market economy firms purchase from households?
In a free market economy, firms purchase factors of production such as labor, from households.
What is a consumer in an economic system?
An economy that depends on a large amount of spending by consumers
What is markets in which firms sell their output of goods and services?
The product market is the market in which firms sell their output of goods and services.
What is a centrally run economy?
In a centrally-run economy, decisions about quantities and prices of goods and services to be provided are made by a small group, usually government bureaucrats. The opposite is a market economy, where such decisions are made - in theory - by private producers (sellers) and consumers (buyers). Neither type exists in its pure form.
