--%>
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 : Specialization and trade according to

    Not between concepts explained in Adam Smith’s Wealth of Nations was the conception which net benefits occur from: (1) specialization and trade according to comparative advantage. (2) the division of labor in production processes. (3) reliance o

    		•
  • Q : Problem on utility function Matt’s life

    Matt’s life is divided into two time periods, young and old, and his utility is a function of two “goods”:  consumption when young and consumption whenever old.  Consumption when young and consumption when old are both of normal goods to Ma

    		•
  • 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 : Examples and Applications of

    What are the Examples and Applications of International Trade?

    		•
  • Q : Wealth of Nations academic

    By the perspective of nowadays academic standards, Adam Smith must have more evidently acknowledged that several the analyses and insights for that he took credit within his Wealth of Nations had really been gleaned from the writings

    		•
  • Q : Comment surpluses drives price

    surpluses drives price down,shortages drive up

    		•
  • Q : Change in supply and a change in the

    Distinguish between a change in supply and a change in the quantity supplied?

    		•
  • Q : What is an inverse relationship Briefly

    Briefly explain the use of graphs as a way to present economic relationships. What is an inverse relationship?

    		•
  • Q : Business Strategies Cingular and Alltel

    Cingular and Alltel involve in aggressive and expensive advertising for cell-phones. A reason for this advertising may be: (1) attempts to increase market share. (2) predatorily drive other firms by the market. (3) to increase the use of cell phones.

    		•
  • Q : Economics chapter 1 Suppose that on the

    Suppose that on the basis of a nation's production curve, an economy must sacrifice 10,000 pizzas domestically to get the 1 additional industrial robot it desires but that it can get the robot from another country in exchange for 9,000 pizzas. Relate this information to the following statement: "Thr

    		•