0
What else can I help you with?
Why have market economies far exceeded all other types of economies in the production of new and better products?
In market economies, firms developing new and better products are often able to earn larger than normal profits.
How do market economies typically respond to high consumer demand for a product?
Market economies respond by increasing the costs of goods that are highly demanded. They also increase production for the items.
What feature stands out the more in market economies than in other kinds of economy's?
In market economies, the most prominent feature is the mechanism of supply and demand, which determines the prices of goods and services. This dynamic allows for consumer preferences to shape production and innovation, fostering competition among businesses. Unlike command or planned economies, where prices and production are often controlled by the government, market economies rely on individual choices and voluntary exchanges, leading to greater efficiency and variety in the marketplace. Additionally, the profit motive drives entrepreneurs to create new products and services, further distinguishing market economies.
What is the difference between a mixed economy and a market economy?
A mixed economy is a combination of communist, market and traditional economies. A market economy basically has free reign over the production and distribution of goods and services.
Why are command economies less efficient the market economies?
the competition in the market economies encourages both qyality and low prices.
Why have market economies far exceeded all other types of economies in the production of new and better products?
In market economies, firms developing new and better products are often able to earn larger than normal profits.
Why have market economies far exceeded all other types of economies in production of new and better products?
In market economies, firms developing new and better products are often able to earn larger than normal profits.
Why have markets economies far exceeded all other types of economies in the production of new and better products?
In market economies, firms developing new and better products are often able to earn larger than normal profits.
How do market economies typically respond to high consumer demand for a product?
Market economies respond by increasing the costs of goods that are highly demanded. They also increase production for the items.
What feature stands out the more in market economies than in other kinds of economy's?
In market economies, the most prominent feature is the mechanism of supply and demand, which determines the prices of goods and services. This dynamic allows for consumer preferences to shape production and innovation, fostering competition among businesses. Unlike command or planned economies, where prices and production are often controlled by the government, market economies rely on individual choices and voluntary exchanges, leading to greater efficiency and variety in the marketplace. Additionally, the profit motive drives entrepreneurs to create new products and services, further distinguishing market economies.
What is the difference between a mixed economy and a market economy?
A mixed economy is a combination of communist, market and traditional economies. A market economy basically has free reign over the production and distribution of goods and services.
Why are command economies less efficient the market economies?
the competition in the market economies encourages both qyality and low prices.
What are the benefits of economies of scale in business operations?
Economies of scale in business operations refer to cost advantages that come from increased production and efficiency. Benefits include lower production costs, higher profits, competitive pricing, and increased market share.
Equilibrium and economies scale in market economy?
Equilibrium and economies scale in market economy
What type of economic system do most countries have?
Most countries today have a mixed economic system. This means that they combine elements of both market economies (where prices and production are determined by supply and demand) and planned economies (where the government controls production and prices).
What is meant by transition economies?
The economies which are converting from social market system to capital market system
Why are command economies usually less efficient than market economies?
The competition in market economies encourages both quality and low prices.
