why market economies usually do a better job than command economies at efficiently transforming economic resources into desirable output.

Q: different societies require different amounts of societal resources

A: Societal resources- The resources that are related to the society.

Q: Explain why many argue the use of “market” prices will NOT necessarily enable the economy to operate…

A: A production possibilities curve is a graphical portrayal of the combinations of services and goods…

Q: Traditional economy is the social and institutional process through which certain groups of economic…

A: The given statement is true.

Q: Justify the claim that the economic basis of the Sumerian civilization laid in highly productive…

A: Sumeria civilization developed when Mesopotamia received almost no rainfall,but then Mesopotamian…

Q: Explain the operation of the “invisible hand” and why market economies usually do a better job than…

A: The concept of invisible hand was put forward by adam Smith.

Q: The role of government in a market economy would include all of the following except making and…

A: A market economy is a form of economic system where demand (DD) and supply (SS), rather than…

Q: Adam Smith's invisible hand refers toa.the subtle and often hidden methods that businesses used to…

A: In economics, the main goal of all economic agents is to satisfy their unlimited desires and wants…

Q: Capitalist economies have these features, except __________. a. Profit motive b. Consumer's freedom…

A: Economic system majorly categorized as market economy and command economy. Market economy is belief…

Q: Name a type of market failure and explain why this market failure results in economic…

A: Market failure, in economic aspects, is what is happening characterized by a wasteful conveyance of…

Q: Market competition ends when there is no buyer-versus-buyer competition and no seller-versus-seller…

A: Microeconomics studies the economic behavior of individual units such as a firm, a market, a…

Q: Explain the concept of Pareto efficiency and discuss how it can be achieved through trade.

A: Pareto"s efficiency is defined as the economic situation when the circumstances of one individual…

Q: in a market economy decisions are guided by self interest. Hence, there is  a) still the ability to…

A: A market economy is a type of economic system in which forces of demand and supply control the…

Q: What are the differences in the way a market process vs. a command process attempt to deal with the…

A: Basic problem of scarcity means availability of limited resources against unlimited wants of human…

Q: In market economies, most decisions are made by ___, while in command economies, most economic…

A: In a market economy, there is no government intervention, the market forces determined the…

Q: All of the following statements about agriculture in commercial economic systems are true EXCEPT…

A: The process of development in any economy is characterized by shifting of traditional agriculture…

Q: why the lack of well-defined and enforceable property rights is detrimental to the smooth…

A: Property rights is legal ownership and theory of resources telling how the resources can be used.…

Q: markets are quintessential examples of perfectly competitive markets. determine how financial…

A: Financial markets are ones where there is trade of foreign assets, government securities/bonds,…

Q: At Big Drop Coffee, some employees brew coffee, others deal with customers, and others prepare…

A: In a free market economy, resources are allocated through the interaction of free and self-directed…

Q: It is clear that productive inefficiency is a waste since resources are used in a way that produces…

A: Allocative effeciency refers to an economic situation that is commonly found in the ideal…

Q: According to the invisible hand concept, the best way for a society to encourage the creation of…

A: As wants and desires of the individuals in the economy are unlimited but resources available to…

Q: List the characteristics of the four different types of market structures and give an example of…

A: Answer: Market structure can be divided majorly into four categories, it includes, perfect market,…

Q: Which of the following is not a typical characteristic of a market system? Multiple Choice a. profit…

A: A market economy refers to the type of economic system where demand and supply control the economy,…

Q: What aspects & principles characteristic of non-market systems are important in our market economy?

A: A non-market system is an administered price system in which the prices of properties are set by an…

Q: What is social responsibility? Can the government compel businesses in our country to abide by this…

A: In an economy, when an individual makes decision, his decision will influence the market when people…

Q: QUESTION 5: Could legal interventions that affect our economic life and take the form of either…

A: One of the best roles of government is to rectify issues of market failure associated with external…

Q: How are resource decisions affected by the global market and world events? Provide a real-world…

A: The countries in the world have developed their economies by interacting with the other countries…

Q: What are the advantages of a market economy as compared to a command economy

A: Market economy is a type of economy in which the private businesses control economic matters.…

Q: The U.S. economic system is: O A command system A command and market mechanisms Based upon religious…

A: Command economy or command system is a economic system where government instead of free market…

Q: Which of the following is not a constraint in achieving technological and economic efficiency? a.…

A: In a market, economic and technological efficiency is needed to improve the production process that…

Q: Why does the use of market prices not necessarily enable the economy to operate at its production…

A: The market price reflects the demand and supply forces in the market. The production possibility…

Q: why many argue the use of “market” prices will NOT necessarily enable the economy to operate at its…

A: Production frontier: PPF is a bend that delineates or shows the varieties in the sums that can be…

Q: Constrast the essential features of a market economy with those of a planned or command economy ?

A: Answer- Difference between market economy & planned or command economy  Market economy :- Market…

Q: Q: determine whether the following statements are true or false: a) In the economic model of the…

A: a)In the circulation model,goods and services are manufactured and circulated by firms and demanded…

Q: Through economic reasoning, explain the interrelationship with markets and government.

A: There is a general law that determines the market's allocation of resources which reduces the…

Q: Unlike a market economy, a command economy: a. Consumer sovereignty to make production decisions b.…

A: Economy of a country includes all the economic activities that are undertaken in the country.

Q: Market failure implies that the market mechanism... a)leads the economy to a point outside the…

A: Market Mechanism refers to a mechanism by which use the money to exchanged by buyers and sellers…

Q: Why is private property, and the protection of property rights, so critical to the success of the…

A: Private property can be legally defined as any resource, asset, or capital the ownership of which is…

Q: Question 4 of 10 A market economy is best described as an economy that: A. gives the government…

A: "An economic system include different systems used by businesses/governments to interact and to…

Q: In market economies, firms rarely worry about the availability of inputs to produce their products,…

A: In market economies, buyers of inputs are aware of the fact that sellers are willing to earn…

Q: Which one of the following is not likely to occur in a mixed economy? a. Means of productions are…

A: Which one of the following is not likely to occur in a mixed economy? The answer is - b. Total…

Q: In planned economic systems, government agencies control both supply and price of the products.…

A: In planned economic systems, government agencies control both supply and price of the products. This…

Q: what is market free economy? and discussion on free market economy advantages and disadvantages ?

A: An economic system refers to the means by which a particular government/society organizes and…

Q: Write an essay on Market Forces in the Development of Cities.

A: Urbanization can be defined as the actual development of metropolitan regions because of rustic…

Q: In a market economy, what is the central coordinating mechanism? How does a market economy solve the…

A: Hey, thank you for the questions but according to our policy we answer only one question per…