--%>
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 : Importance of Earnings per share Write

    Write down the importance of Earnings per share?

    		•
  • Q : Variation of wages in inverse proportion

    This wages vary within inverse proportion to the agreeableness and constancy of the employment was a perception first explicitly stated through: (i) Adam Smith. (ii) Karl Marx. (iii) Thomas Malthus. (iv) John Stuart Mill. (v) David Ricardo.

  • Q : Illustrate other than price many factors

    Illustrate other than price many factors determine the outcome?

    		•
  • Q : Illustrate major economic flows that

    Illustrate major economic flows that link U.S. with nations.  Provide an example to illustrate each flow.  Explain the relationship between the top and bottom flows.

    		•
  • Q : Eco Quantity TR TC 0 $0.00 $10.00 1

    Quantity TR TC 0 $0.00 $10.00 1 $150.00 $30.00 2 $290.00 $50.00 3 $420.00 $80.00 4 $540.00 $120.00 5 $650.00 $170.00 6 $750.00 $230.00 7 $840.00 $300.00 8 $920.00 $

    		•
  • Q : Utilitarianism of Jeremy Bentham The

    The utilitarianism of Jeremy Bentham is generally closely akin to the philosophies of: (1) Epicurianism and hedonism. (2) pragmatism and instrumentalism. (3) asceticism and stoicism. (4) dialecticism and materialism. (5) fundamentalism and predestinat

    		•
  • Q : Illustrate Freedom of enterprise and

    Illustrate Freedom of enterprise and choice exist?

    		•
  • Q : Laissez-faire philosophy of government

    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

    		•
  • Q : The market system provides such a

    Explain the statements: The market system provides such a variety of desired goods and services precisely.

    		•
  • Q : Factors of production and the method

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

    		•