Factors of production and the method used to coordinate
Who owns the factors of production and the method used to coordinate economic activity?
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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.
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Question Can you describe what the production function for the game looks like? (How are labour, capital and resources combined? Are there constant, increasing or decreasing returns to scale?) Answer Discover Q & A Leading Solution Library Avail More Than 1435372 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1942535 Asked 3,689 Active Tutors 1435372 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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