THE ADVANTAGES OF FREE MARKET ( DISADVANTAGES OF COMMAND ECONOMY ) 1.Efficiency. free market economies are very competitive. Most of their industries are assumed to be perfectly competitive and so allocative and productive efficiency will occur.As their main aim is profit motive so free market economies allocate their resources more efficiently as compared to planned economy. Decisions about what to produce are made by the people who will actually consume the goods. Planners are less likely to
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were: Upper Class and Lower Class. This social hierarchy is seen all the time‚ whether it is in movies‚ novels‚ or in today’s society. In the Middle Ages‚ social rank played an important role on Medieval culture and in shaping history. Most of the time‚ the amount of money people had determined which ‘class’ they were in. The Upper Class mostly consisted of aristocrats‚ people who had political power‚ and religious hierarchs. The reasons why these people were considered Upper Class was either
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contemporary economies. The three factors that proved most prominent in Britain’s ascension were: colonial influence on markets‚ numerous effective government market interventions‚ and the cultural advantages that Protestantism bestowed upon British society. These conditions are still relevant for developing economies to take into account. As modern colonialism is apparent‚ disguised as free trade‚ it acts as the detriment and the cause to the lack of development of an autarkic economy. Effective
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Market economy compared to planned economy in terms of allocating scarce resources By: Habab Mohamed In the purpose of allocating the resources of a certain country‚ controlling the market flow‚ adjusting and making the rules and policies to manage the market in addition to the pricing of goods in terms of maintaining an efficient economy growth of a certain country‚ economists have been struggling to answer the very questioning issue; what is the most effective economy system in terms of
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Analyse the effects of the global recession on Morocco’s economy. b) Discuss what action Morocco has taken to reduce the adverse effects of the downturn c) In your view‚ does the downturn offer any positive opportunities for Morocco? Table of contents Introduction 4 1. The effects of the global recession on Morocco’s economy 5 1-1 The impact of the international financial crisis on Moroccan financial economy 5 1-2 - The Moroccan economy facing crisis 6 2. Actions taken to reduce the
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not only apply to the universe as a whole‚ but to all systems that process mass or energy including economic production & consumption activities and that they have consequences as they rule out the common model of a closed nature independent economy that can grow without limits. Stephen L. Gillett’s point‚ that free energy is the basic resource (not low entropy) is well put. But the argument that thermodynamic analysis can identify possibilities for technological developments is not detailed
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Social Class and How It Affects Our Society Education and what you will become in society is greatly influenced by economic and social class.it has been noted that children in wealthy communities perform better than those in poor communities‚ in the sense that the kids from the wealthy family can afford to go to private schools‚ whereas children from the poor family will attend the public school‚ because their parents cannot afford to pay for the private school. This argument is supported
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a) As economy develops‚ the relative importance of different sectors of production changes. Explain‚ with examples‚ why the pattern of employment might change as an economy develops.(12) Ways to develop in advanced and backward countries--result of such development How the employment pattern changes throughout the development Education lead to a growth in service sector A development of an economy‚ for developed countries‚ may mainly rely on technological innovation‚ and for developing countries;
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Discuss the extent to which economic growth may benefit the economy. (18) Economics growth is‚ it the short run an increase in real GDP and in the long run an increase in the productive capacity of an economy (the maximum output that the economy can produce). GDP stands for Gross Domestic Product which is the country’s production of goods and services valued at market price in a given time period. Real GDP is when these figures are corrected for inflation using a base year (The UK uses 2003 as
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In this document of ECO 203 Week 5 DQ 2 Economies in Transition you will find the next information: The movement in the direction of a market-based system with freely determined prices‚ competition‚ profits‚ private ownership‚ and other features of capitalism is not simple. Discuss some of the challenges associated with an economy transitioning from socialism to capitalism. Economics - General Economics Economies in Transition. The movement in the direction of a market-based system
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