Table of Contents
- 1 Who decides who should share in the use of the goods and services?
- 2 Who decides what goods and services will be produced in a market economy?
- 3 Who decides who should share in the use of the goods and services in a mixed economy?
- 4 Who is the primary group for whom goods and services are produced?
- 5 What are the characteristics of a command economy Quizlet?
| Traditional Economy | Mixed Economy | |
|---|---|---|
| Who decides how the goods and services will be produced? | ||
| Who decides who should share in the use of the goods and services? | ||
| Who owns the factors of production? | ||
| Advantages of this type of system? | 1. | 1. |
How will goods and services be produced?
Factors of production are the resources people use to produce goods and services; they are the building blocks of the economy. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.
Who decides how the goods and services will be produced in a mixed economy?
In a mixed economy both market forces and government decisions determine which goods and services are produced and how they are distributed. Welfare refers to government efforts to provide for people’s basic needs.
Who decides what goods and services will be produced in a market economy?
In a market economy, the producer gets to decide what to produce, how much to produce, what to charge customers for those goods, and what to pay employees. These decisions in a free-market economy are influenced by the pressures of competition, supply, and demand.
Who makes the decisions about what goods to produce in North Korea who decides in the United States?
The government of North Korea determines what goods should be produced, how much should be produced, and the price at which the goods are offered for sale.
Who receives the goods and services in a market system?
In a market system, consumers decide what goods and services are produced by means of their purchases. If consumers want more of a good or service and are willing to pay for it, demand increases and the price of the good or service increases. Higher profits then attract new producers to the industry.
How do economic resources determine what goods and services will be produced?
A command economy is an economic system in which the government, or the central planner, determines what goods and services should be produced, the supply that should be produced, and the price of goods and services.
Who decides what goods and services will be provided in a free-market economy?
Who is the primary group for whom goods and services are produced?
The primary group for whom goods and services are produced in a traditional economy is the tribe or family group. Command Economy A command economyis a more centralized economy in which government planning groups make the basic economic decisions for the workers.
Who decides what is produced in a market economy?
In a market economy, the wants of these consumers and the profit motive of the producers will decide what will be produced. Other names for amarket economyare capitalism, free enterprise, or laissez-faire. How is it produced?
Which group produces goods and services in a traditional economy?
The primary group for whom goods and services are produced in a traditional economy is the tribe or family group. Command Economy A command economyis a more centralized economy in which government planning groups make the basic economic decisions for the workers. How is it produced?
What are the characteristics of a command economy Quizlet?
In a command economy, the central government decides what goods and services will be produced, what wages will be paid to workers, what jobs the workers do, as well as the prices of goods. In a command economy, no one can start their own business. The government determines how and where the goods produced would be sold.