This topic contains a solution. Click here to go to the answer

Author Question: In its most ideal form, a price system allows A) firms to act in such a way that they eliminate ... (Read 64 times)

clippers!

  • Hero Member
  • *****
  • Posts: 828
In its most ideal form, a price system allows
 
  A) firms to act in such a way that they eliminate scarcity.
  B) consumers to satisfy all their wants.
  C) resources to move from lower-valued uses to higher-valued uses through voluntary exchange.
  D) government policy makers to allocate resources to the uses which they consider to be in the best interests of society.

Question 2

Distinguish between a command-and-control economic system and a price system.
 
  What will be an ideal response?



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

amit

  • Sr. Member
  • ****
  • Posts: 364
Answer to Question 1

C

Answer to Question 2

In a command-and-control economic system, economic decisions about resource allocation are made by a central authority, such as a central government or a king or queen. Under command and control, this central authority decides what items will be produced, how will the items be produced, and who will obtain those items. In a price or market system, the what, how and for whom issues are determined via decentralized decision making among buyers and sellers in the market.




clippers!

  • Member
  • Posts: 828
Reply 2 on: Jun 29, 2018
Gracias!


Perkypinki

  • Member
  • Posts: 339
Reply 3 on: Yesterday
:D TYSM

 

Did you know?

Since 1988, the CDC has reported a 99% reduction in bacterial meningitis caused by Haemophilus influenzae, due to the introduction of the vaccine against it.

Did you know?

The average adult has about 21 square feet of skin.

Did you know?

Pope Sylvester II tried to introduce Arabic numbers into Europe between the years 999 and 1003, but their use did not catch on for a few more centuries, and Roman numerals continued to be the primary number system.

Did you know?

Studies show that systolic blood pressure can be significantly lowered by taking statins. In fact, the higher the patient's baseline blood pressure, the greater the effect of statins on his or her blood pressure.

Did you know?

Everyone has one nostril that is larger than the other.

For a complete list of videos, visit our video library