--%>
Assignment Help - homework help

Millions of economic resources tend to get arranged logicall

What explains why millions of economic resources tend to get arranged logically and productively rather than haphazard and unproductively?

E

Expert

Verified

Through the ownership of private property, resource owners will choose to use their resources in a manner that will maximize benefits to themselves (the invisible hand). This will result in the resources being utilized in the way that will best serve human goals (allocative fficiency).

   Related Questions in Business Economics

  • Q : Reducing output of other good When the

    When the production possibilities frontier in a proficient economy is not growing, raising the output of one good always needs: (i) Increasing the output price for the other good. (ii) Bigger amounts of resources. (iii) Decreasing the output of other

    		•
  • Q : Illustrations of opportunity costs

    Illustrations of opportunity costs which you might or will have incurred would comprise: (i) severe injuries suffered within an accident since you failed to buckle up. (ii) the income you could earn when you were not in school. (iii) time spent studyi

    		•
  • Q : How demand is influenced by price

    Describe how the demand for a good is influenced by the price of its associated goods. Give illustrations.

    		•
  • Q : Government expenditures on goods and

    Explain Government expenditures on goods and services and transfer payments?

    		•
  • Q : Who define economics as a subset of

    Economists who viewed economics like a subset of jurisprudence combined: (1) John Stuart Mill. (2) Alfred Marshall. (3) Karl Marx. (4) William Stanley Jevons. (5) Adam Smith. Hey friends please give your opinion fo

    		•
  • 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 : Illustrates inverse relationship

    Illustrates the inverse relationship between price and quantity?

    		•
  • Q : Contrast a vertically integrated firm

    Contrast a vertically integrated firm, a horizontally integrated firm, and a conglomerate?

    		•
  • Q : Describe Quasi-public goods Describe

    Describe Quasi-public goods?

    		•
  • Q : Forcast 9. The following table shows

    9. The following table shows annual sales data for Stuff Happens, Inc., over the ten-year 1998-2008 period: Year Sales ($ Millions) 1998 $2.0 1999 2.2 2000 2.4 2001 2.6 2002 2.8 2003 3.0 2004 3.2 2005 3.5 2006 3.8 2007 4.1 2008 4.3 A. Calculate the 1998-2008 growth rate in sales using

    		•