Factors of production and the method used to coordinate
Who owns the factors of production and the method used to coordinate economic activity?
Expert
A. The market system:
1. There is private ownership of resources.
2. Markets and prices coordinate and direct economic activity.
3. Each participant acts in his or her own self-interest.
4. In pure capitalism the government plays a very limited role.
5. The government plays a generous role in the U.S. version of capitalism
B. Command economy, socialism or communism:
1. There is public (state) ownership of resources.
2. Economic activity is coordinated by central planning.
What do you mean by Shuffling the Deck?
Question: Suppose three identical firms are engaged in Cournot competition in quantities. They all have marginal costs equal to 40. Market demand is given by: Q : Why businesses are not really free to Why businesses are not really “free” to produce what they wish?
Why businesses are not really “free” to produce what they wish?
Suppose you go to a recycling center and are paid 25 cents per pound for your aluminum cans. However, the recycler charges you $.20 per bundle to accept your old newspapers.
As per to the laissez-faire philosophy of government,: (1) economy works best while all investment decisions are centralized. (2) market system works best along with only minimal government intervention. (3) government must be restricted to stabilizin
Explain how government might manipulate its expenditures and tax revenues to reduce unemployment?
Elucidate how to maintain competition?
need urgent help in business economics, please suggest
The competitive market system is least probable to be allocatively unproductive as a result of: (w) externalities and public goods. (x) cutthroat competition and the outsourcing of low-wage jobs to less grown countries. (y) the underproduction of a go
Question: The Theory of Purchasing Power Parity says that, in the long run, nominal exchange rates change to offset changes in relative i. _________________________ so that the purchasing power of two currencies st
18,76,764
1936109 Asked
3,689
Active Tutors
1426056
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!