"For whom is a given mix of goods and services to be produced? How, in other words, are the society's outputs to be distributed among its members?" In a market economy, this question is resolved primarily in the : public sector through the mechanism of central planning. private sector through the earning and spending of income. business sector through the mechanism of advertising. money market through borrowing and saving by households and businesses.

"For whom is a given mix of goods and services to be produced? How, in other words, are the society's outputs to be distributed among its members?" In a market economy, this question is resolved primarily in the : public sector through the mechanism of central planning. private sector through the earning and spending of income. business sector through the mechanism of advertising. money market through borrowing and saving by households and businesses.

Economics For Today

10th Edition

ISBN:9781337613040

Author:Tucker

Publisher:Tucker

Chapter1: Introducing The Economic Way Of Thinking

Section: Chapter Questions

Problem 2SQ

See similar textbooks

Similar questions

A market economy is regulated by the interaction between which two things A.Goods and services B.Producers and consumers C Product based and service based Business D.Public and private sectors
Although most economic decisions in today's societies are made through the market, it is not always possible for this mechanism to efficiently allocate all resources. In most countries, the state acts in conjunction with the private sector to satisfy needs. In this context, economic authorities carry out actions aimed at modifying the functioning of the market. Which of the following alternative(s) correspond(s) to these actions?I. Price control.II. Economic policy.III. Public Expenditure.Select one:a. Only I.b. Only II.c. II and III.d. III only.e. I and II.
why it may be more difficult to bring more change in a traditional economy than in a market economy. When planning your response, include basic characteristics of each (traditional and market) economy and reasons why changing from a traditional to market economy may be difficult. Support your ideas with support from this journey or an outside source. Your response should be a paragraph of at least 7-10 sentences.
Comment on the degree to which a market economy establishes liberty for individuals. Using ideas from the Circular Flow Model, with injections and leakages, include comments on the role of the government, financial institutions such as banks, and the international market in protecting liberty for individuals. Consider the role of households in the Circular Flow. Make at least three points
Which of the below statements is INCORRECT about about a specific market economy such as the U.S. (America), or market economies in general? Group of answer choices In market economies government bureaucrats direct everything from the number of bars of soap a factory can produce to the number who students who may study electrical engineering. Complex economies in which billions of transactions every day, the vast majority of which happen withou any direct government involvement. In the twentieth century in one market economy life expectancy increased from forty-seven years to seventy-seven, and infant mortality plunged by 93%..
Which of the following were elements of the version of the circular flow model of an economy that we studied in class? Could be more the one answer firms that were buyers in the market for factors of production households that were buyers in the market for goods and services government households that were sellers in the market for factors of production