--%>
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 : Market efficiency while transaction

    Transaction costs tend to be decreased and markets are more efficient when: (w) the government subsidizes a good. (x) inter-market price differentials are eliminated through arbitrage. (y) taxes are used to give for social wants. (z) regulations close

    		•
  • Q : Best society according to Utilitarianism

    Utilitarianism proposes such that the finest society is one which gives the: (w) fundamental goods to meet people’s requirements. (x) greatest happiness for the maximum number of people. (y) exact measurement of utility and disutility. (d) highe

    		•
  • Q : Why producers not be able to find

    Why producers not be able to find enough paying buyers for “public goods”?

    		•
  • Q : Introduction of the term Cost of equity

    Give a brief introduction of the term Cost of equity shares?

    		•
  • Q : Expiation of Economists for Economic

    Please help me to solve the problem of economic that is given below: Economists describe economic costs as like: (w) money outlays. (x) accounting cost. (y) opportunity cost. (z) v

    		•
  • Q : Equal share criterion of distribution

    According to the equivalent share criterion of the distribution, individuals must: (1) Share income according to personal requirement. (b) All make equivalent shares of output. (3) Each consists of incomes equivalent to their productive output. (4) Re

    		•
  • Q : Government expenditures on goods and

    Explain Government expenditures on goods and services and transfer payments?

    		•
  • Q : Comparative Advantage of free trade

    According to the advocates of free trade and World Trade Organization, each and every country potentially advantages from trade liberalization and the lowering of tariffs since each and every country: (1) Has a comparative benefit in something. (2) Ga

    		•
  • Q : Speculation and intermediary operations

    Transaction costs tend to be decreased, prices to consumers are classically stabilized and lowered, and economy-wide efficiency is generally improved through: (1) rigid wage and price controls. (2) central planning that fosters monopo

    		•
  • Q : Speculators decreases price volatility

    Speculators decrease price volatility through, in effect, changing demand curves: (w) out at low prices, and shifting supply curves out at high prices. (x) out at low prices, and shifting supply curves within at low p

    		•