Market system & a command economy try to cope with economy
Contrast how a market system and a command economy try to cope with economic scarcity?
Expert
A market system allows for the private ownership of resources and coordinates economic activity through market prices. Participants act in their own self interest and seek to maximize satisfaction or profit through their own decisions regarding consumption or production. Goods and services are produced and resources are supplied by whoever is willing to do so. The result is competition and widely dispersed economic power.
The command economy is characterized by public ownership of nearly all property resources and economic decisions are made through central planning. For each enterprise the planning board which is appointed by the government determines production goals. The division of output between capital and consumer goods is centrally decided based on the board’s long-term priorities.
How do you account for the dominant role of corporations in the U.S. economy?
Define the term Abstractions in economics?
Illustrates how hard it is to define what is “American made” in today’s global economy?
An increase within demand for "green-certified" products will ________ a firm's economic profit, and the raise within costs to have a product certified like "green" will ________ a firm's economic profit: w) increase; increase x) increase; decrease y)
Question: If a government pegs the value of its currency to another currency, the government must stand ready to i. _________________________ the "hard" currency to defend the pegged value of its own currency. ii.
One of my friends can't discover the answer of this question. Give solution of this question. Neoclassical production and cost theory is more realistic than and cost theory and heterodox production. Discuss.
Describe the meaning of the term “invisible hand.”
Illustrate other than price many factors determine the outcome?
Illustrate the Optimal or best product-mix and also Law of increasing opportunity costs?
Illustrate a summary of what can cause an increase in demand?
18,76,764
1961645 Asked
3,689
Active Tutors
1458614
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!