In a market economy, companies rarely worry about the availability of inputs to manufacture their products, but in a command economy, the availability of inputs may not adequately meet consumer demand. It is always a concern as it is decided by a planner.
In a market economy, companies rarely worry about the availability of inputs to manufacture their products, but in a planned economy, input potential may not adequately meet consumer demand. It is always a concern as it is determined by. The availability of inputs will be determined by the market that may not provide the appropriate inputs. In a market economy, input buyers know that consumers want a product.
In a market economy, input buyers know that sellers want to make a profit. There are four types of economies: traditional, command, market, and mixed (combination of market and command).
The market economy, also known as the free market economy or the free enterprise economy, is a system in which economic decisions such as the prices of goods and services are determined by demand and demand.
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Answer:
The government has two major roles;
a. The role of a rule maker.
b. The role of an umpire.
Explanation:
a.
A free enterprise system is an economic model where the prices and quantities produced are determined by the market rather than the government. The government usually has limited or no control on the market forces. In other words, a free enterprise system is an ideology where the market is majorly controlled by private businesses. The foundation for free markets are; voluntary trade, private ownership of property and competition in bidding. However, a government controlled economy usually has the following properties, namely; all property is publicly owned, trade is coerced and there is limited competitive bidding. Even though the government has a limited role in a free enterprise system it still has a role in allowing individuals to operate freely in the market. The roles of the government are; rule maker and umpire.
b.
In a free enterprise system, individuals are allowed to do their transactions without any restrictions. Even though individuals are free to operate, there needs to be rules to make sure that the transactions are in deed free. This is where the government comes in to enforce the laws that govern the smooth running of a free enterprise system. The government's role as an umpire means that the government has the authority to solve disputes resulting from different interruptions of the law.
Answer:
The correct answer is:
$80,500 (b.)
Explanation:
First of all, not that total anticipated October sales is the same thing as projected October sales. Therefore, this sale is calculated as follows:
Projected sales = 7,000
unit price = $11.50 per unit
Therefore
Price for 7,000 units = 11.5 × 7,000 = $80,500
Answer:
20,000
Explanation:
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Answer:
Productive (technical) inefficiency.
Explanation:
A market failure can be defined as a situation in which the market fails to produce an efficient level of productivity or output that is required to meet consumer demand.
This ultimately implies that, a market failure arises when there is inefficiency in the distribution or allocation of goods and services in a free market.
In Economics, there are two types of inefficiency associated with the production of goods and services, these includes;
1. Allocative inefficiency: it occurs when businesses do not maximise output from the given inputs. Thus, it arises when businesses fail to increase the level of their production or productivity from a number of given inputs.
In conclusion, allocative inefficiency typically occurs when the price of a good or service isn't equal to its marginal cost i.e P ≠ MC.
2. Productive (technical) inefficiency: it occurs when businesses produce goods and services that consumers do not want. This is typically as a result of the incorrect and inefficient allocation of scarce resources by a business firm or entity.
