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An economy determined by the people is typically referred to as a participatory or democratic economy. In this system, economic decisions are made collectively by the community or through democratic processes, prioritizing the needs and preferences of the population over those of a centralized authority or market forces. This can manifest in various forms, such as cooperatives, worker-owned businesses, or local currencies, emphasizing equitable distribution of resources and democratic governance in economic matters.
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How are people involved in the game of economics?
People are involved in economics when they spend or receive money. The economy is determined by the movement of money between individual people or groups of people such as corporations.
How does caste affect Indian economy?
It determined your job.
How price are determined in a competitive market?
based on economy
Is England an planned economy?
No, the UK is a Market economy. A market economy is one in which in which the prices of goods and services are determined by supply and demand.
What is production determined by individuals and private groups?
A market economy
Are wages decided by the government in a command economy?
com·mand e·con·o·mynounan economy in which production, investment, prices, and incomes are determined centrally by a government.
In a market economy the production questions are determined by?
Interaction between producers and consumers
What is The supply of money in the US economy determined primarily b?
Federal Reserve
How did the command economy under Stalin differ from a capatalist economy?
A command economy is a system where the government controls economic activity and the production and distribution of goods. In a capitalist economy, such things are determined by market forces.
What is labor force in economics and what are its determinants?
By definition, the labor force is the number of people employed and unemployed in an economy. The number employed is determined by people who currently hold jobs. The Fed uses 1 hour per week as employment. The number of unemployed is determined by those who do not have a job AND are actively seeking employment.
In which country the gold is the cheapest to buy?
I think the price is determined by the local economy level.
In a market economy income is primarily determined by?
the quantities and prices of the resources that households supply.
