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Productive efficiency occurs when a good or service is produced at the lowest possible cost. Allocative efficiency is a state of the economy in which production represents consumer preferences.
Contents
- 1 What determines the total production of goods and services?
- 2 What does the law of supply say?
- 3 What is meant by producing goods?
- 4 What action do consumers take that determines what will be produced in a market economy?
- 5 What is the process in which a government dictates which goods or services are produced how they are produced and who will receive them?
- 6 How do market economies ultimately determine what goods and services are produced?
- 7 Who are the most common users of goods that are produced in market economies?
- 8 What is the main benefit derived from production of goods and services?
- 9 Which of the following statements describe who will get the goods and services produced in a market economy?
- 10 What determines how resources and goods are allocated and distributed in a capitalist economy?
- 11 Who supports free market?
What determines the total production of goods and services?
The two most important factors of production are capital and labour. … Capital (K) is the set of tools that workers use while labour (L) is the time people spend working.
What does the law of supply say?
The law of supply says that a higher price will induce producers to supply a higher quantity to the market. Supply in a market can be depicted as an upward sloping supply curve that shows how the quantity supplied will respond to various prices over a period of time.
What is meant by producing goods?
By The Editors of Encyclopaedia Britannica | View Edit History. producer goods also called intermediate goods in economics goods manufactured and used in further manufacturing processing or resale. Producer goods either become part of the final product or lose their distinct identity in the manufacturing stream.
What action do consumers take that determines what will be produced in a market economy?
What action do consumers take that determines what will be produced in a market economy? economic votes through their purchases in the marketplace. Consumers are purchasers rather than producers of products.
What is the process in which a government dictates which goods or services are produced how they are produced and who will receive them?
Central planning by the government dictates which goods or services are produced how they are produced and who will receive them. In practice pure communism is practically nonexistent today and only a few countries (notably North Korea and Cuba) operate under rigid centrally planned economic systems.
How do market economies ultimately determine what goods and services are produced?
How do market economies ultimately determine what goods and services are produced how the good and services are produced and who will receive the goods and services? Consumers determine what goods and services are produced firms determine how to produce them markets determine who will receive them.
Who are the most common users of goods that are produced in market economies?
Who are the most common users of goods that are produced in market economies? those who can afford to pay for them. One of the most important incentives provided to both command and traditional economies is __________. An example of a mixed economy leaning toward a command market is __________.
What is the main benefit derived from production of goods and services?
What is the main benefit derived from production of goods and services? Production of goods and services people value makes higher living standards possible. consumers are willing to pay a price greater than the per-unit cost of production.
Which of the following statements describe who will get the goods and services produced in a market economy?
Which of the following statements describe who will get the goods and services produced in a market economy? Those who are willing and able to pay and Those who have suffcient income and want to spend money on a particular good.
What determines how resources and goods are allocated and distributed in a capitalist economy?
Goods and services are distributed according to ‘the invisible hand of the market’ – in other words the allocation of goods is determined by market forces. For example if demand rises firms have an incentive to increase supply. Flexible labour markets – easy to hire and fire workers.
Who supports free market?
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