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it is major factor in nation's wealth
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Do capital goods improve productive efficiency in market economies?
Yes they do
Why are economies never purely market or command economies?
Neither purely market nor purely command economies can adequately answer the basic economic questions in every situation. -Plato
What are the four basic economic systems around the world?
There are four types of economic systems: traditional economies, market economies, command economies, and mixed economies. these economic systems differ in how to answer the three basic questions: how to produce, what to produce and for whom to produce. In traditional economies, the three economic questions are decided mainly by social customs. In market economies, the economy is like capitalism in U.S and the economic questions are decided by individuals in the marketplace. In command economies, is like communism and the questions are decided by the government. In mixed economies, they are decided by a combination of market decisions making and government order. Many different combinations of these four kinds of economic systems are operating around the world today, with different degrees of success. Free-market and command (apex)
Why free market economies stimulate greater economic growth?
Free market economies stimulate greater economic growth in various ways. Such a market is able to integrated the demand and supply which makes the economy interactive and more productive.
What kind of economic system do Canada and the U.S. have?
Free Market Economies
Do capital goods improve productive efficiency in market economies?
Yes they do
Why are economies never purely market or command economies?
Neither purely market nor purely command economies can adequately answer the basic economic questions in every situation. -Plato
What are the four basic economic systems around the world?
There are four types of economic systems: traditional economies, market economies, command economies, and mixed economies. these economic systems differ in how to answer the three basic questions: how to produce, what to produce and for whom to produce. In traditional economies, the three economic questions are decided mainly by social customs. In market economies, the economy is like capitalism in U.S and the economic questions are decided by individuals in the marketplace. In command economies, is like communism and the questions are decided by the government. In mixed economies, they are decided by a combination of market decisions making and government order. Many different combinations of these four kinds of economic systems are operating around the world today, with different degrees of success. Free-market and command (apex)
Why free market economies stimulate greater economic growth?
Free market economies stimulate greater economic growth in various ways. Such a market is able to integrated the demand and supply which makes the economy interactive and more productive.
What kind of economic system do Canada and the U.S. have?
Free Market Economies
The most accepted argument in favor of market economies is their efficiency The argument most accepted in favor of command economies is the belief that they are?
More Traditional
Describe the 4 basic economic systems?
the are four types of economic systems: traditional economies, market economies, command economies, and mixed economies. these economic systems differ in how to answer the three basic questions: how to produce, what to produce and for whom to produce. In traditional economies, the three economic questions are decided mainly by social customs. In market economies, the economy is like capitalism in U.S and the economic questions are decided by individuals in the marketplace. In command economies, is like comunism and the questions are decided by the government. In mixed economies, they are decided by a combination of market decisions making and government order. Many different combinations of these four kinds of economic systems are operating around the world today, with different degrees of success.
Does an increase of economic surplus in a market always mean that economic efficiency has increased?
No. If marginal cost of production decreases but market output stays the same, economic surplus and deadweight loss both increase, causing economic efficiency to decrease.
Why are centrally planned economies moving towards free market economies?
This is because centrally planned economy can never reach the same level of efficiency that free market economies create. Although centrally planned economy does work in the short run (So Viet Union); in the long run, it creates huge inefficiency and thus harm not only the economy but also the people in the country. Hence, by moving towards free market they are able to gain more economic growth and possibly economic development.
What type of economic systems does Ethiopia have?
One of three economies probably, but not market economy.
Which of the following is a goal of the leaders of most economic systems?
The most basic economic institution in market economies is the system of markets.
What are some similarities between market and mixed?
market economies use price mechanism to sove the prolems of economic choce .mixed economies also do the same facilitated by government interventions .
