How market mechanism solves the basic economic problems?

Q: An economic system where the key economic problems are solved through centralized planning O a…

A: In any economy, key economic problems are either solved through market forces, that is by…

Q: Is economics one of the most important thing in the world? Why

A: Economics is the social aspect that deals with the interaction between people to make exchange of…

Q: What are economic systems, and how do they differ?

A: Answer: Economic system: it refers to the system by which resources, goods, and services are…

Q: what is economic activity?

A: Economic Activity is not related to something specific, it includes the process of production,…

Q: What are the four basic economic questions? How are they answered in a capitalist economy?

A: The four basic questions concerning an economy are: (a) What and how much quantity of goods and…

Q: What are some of the Requirements for Economic Models?

A: An economic model is a simplified version of reality that allows us to observe, understand and make…

Q: How are economic systems linked to types of societies?

A: Economic system: A monetary framework is a method by which social orders or governments arrange and…

Q: An economic systems mechanism which deals with production

A: An economic system is a method by which societies or governments organise and distribute available…

Q: If economic laws are applicable in real world?

A: Economics is based on the activities of real life. It analyses the economic activities and then…

Q: What does the Third World country mean to the subjects of Economics?

A: In economics developing countries are known as third world country.

Q: Issues/problems of economy as a social institution? Explain and add a solution to that problem.

A: Issues and the problems identified in the economy as the social institution are the…

Q: What are disadvantages of free market economy ?

A: Free Market Economy is the one in which buyers and sellers act in self-interest. It is open for…

Q: How can economic changes affect society?

A: Economic changes can affect the society in various ways: 1. The cost of living has the significant…

Q: WHO IS THE FATHER OF THE MODERN ECONOMICS

A: Economics is the study of social activities in which people interact with each other to make…

Q: What are the different types of Economic Systems?

A: An economic system is a method by which social orders or governments coordinate and disperse…

Q: Who is the 'father of economics'?

A: To find : Who is father of economics.

Q: What are economic issues?

A: Meaning of Economics: The term economics refers to the situation under which there remain…

Q: In a market economy?

A: In a market economy, prices of goods and services and allocation of resources are determined by…

Q: Importance concepts of economics?

A: The important concept of economics are Market interest:-  It is one of the essential financial ideas…

Q: Which economic system does a better job improving living conditions for the poor, capitalism or…

A: The system through which governments or society organizes and distributes the availability of…

Q: Which economic system works best for societies?

A: An economic system is a system that determines the production and distribution of goods and…

Q: Is there a change in the resources available to society? explain why.

A: Economics is the study of allocation of scarce resources among alternative uses to satisfy human…

Q: What determines the answers to the economic questions under a traditional economy?

A: Traditional economy explain 3 questions which are as:- 1 .what to produce? 2. How to produce? 3. For…

Q: Who did Milton Friedman advise with his economic theory?

A: Milton Friedman was an American economist and statistician who believed strongly in free market…

Q: Identify the gaps/flaws of Capitalist and Socialist economic systems.

A: Hi, thank you for the question. As per our Honor code, we are allowed to attempt only the first…

Q: how may economic problems pose a challenge to social class

A: Economic development challenges are problems or challenges that the economy is facing that are…

Q: State the main characteristics of a Market Economy and explain how Market Economy works?

A: A market economy is an economic system in which economic decisions and the pricing of goods and…

Q: give 10 economic issues

A: Economic issues refer to those problems which are faced by the entire economy due to some economic…

Q: What is an example of a problem in the world today, not mentioned in the chapter, that has an…

A: The economic dimension deals with all of the event firm and individual event's economic…

Q: Why is “how to produce” a problem in every economy?

A: The central problems all the economies around the world face are "What to produce, how to produce,…

Q: How to identify the economic market structure?

A: Market structure is known as the basis through which different industries in an economy are…

Q: What are the best institutions for achieving economic goals?

A: An institution is a social structure in which people tend to cooperate and also influencing the…

Q: What do we mean when we say individuals are both products and producers of society.

A: A producer is defined as an individual who creates and supplies the goods and services in the…

Q: hat are examples of free-market economies?

A: Below are the three types of economies:1. Free market economy2. Command economy3. Mixed economy In…

Q: why a person would rather live in a market economy or command economy.

A: When talking about economic system, market economy and command economy are two completely different…

Q: What are the advantages of a free market economy?

A: A free market is a type of market economy where prices for all goods and services are regulated in…

Q: What are the 3 basic economic problems? Briefly

A: An economic problem is one that arises as a consequence of a scarcity of resources and requires…

Q: How relevant is economics in our everyday lives?

A: Economics is very important and useful to study to make it applicable in our daily lives. There are…

Q: what are differences between 4 economic systems?

A: An economic system is a way for governments or communities to distribute and organise resources,…