--%>
Assignment Help - homework help

Factors of production and the method used to coordinate

Who owns the factors of production and the method used to coordinate economic activity?

E

Expert

Verified

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.

   Related Questions in Business Economics

  • Q : What are the major provisions of GATT

    What are the major provisions of GATT

    		•
  • Q : International trade to the U.S. economy

    How important is international trade to the U.S. economy?  In terms of volume, does the United States trade more with industrially advanced economies or with developing economies? What country is the United States’ most important trading partner, quantitati

    		•
  • Q : Increase in the American dollar price

    “An increase in the American dollar price of the South Korean won implies that the South Korean won has depreciated in value.”  Explain.

    		•
  • Q : Consumer purchase decision If the price

    If the price of a good is given, how does a consumer choose/decide as to how much of that good to purchase?

    		•
  • Q : What are the criteria of issuing stocks

    What are the criteria of issuing stocks or bonds?

    		•
  • Q : Economic bailout of Spain and Greece

    Question: Conduct an analysis on the following topic and prepare an Executive Summary-style report with supporting exhibits (Insightful Graphs, tables etc. from quality expert analyst references used to write the r

    		•
  • Q : Key model of price-specie flow mechanism

    The key model underpinning David Hume’s price-specie flow mechanism which most mercantilists failed to grasp is termed today as: (i) the equimarginal principle. (ii) the wages-fund doctrine. (iii) the quantity theory of money. (iv) partial equil

    		•
  • Q : Society material wants are scarce

    Explain the foundation of economics where society’s material wants are scarce resources?

    		•
  • Q : Resource markets in simple circular

    Can someone help me in finding out the right answer from the given options. In resource markets in a simple circular flow model, house-holds exchange their _________ for _________. (1) Resources | income. (2) Goods | profits. (3) Labor | goods. (4) Devotion | enlighte

    		•
  • Q : Problem on prisoners dilemma game Lets

    Lets assume an infinitely repeated prisoner’s dilemma game by two players. The resulting payoffs at each phase by the actions of two players are illustrated below in the table (payoffs are symbolized like (payoff for player 1, payoff for player 2)). Two players

    		•