Table of Contents
Who decides what products will be produced?
the government
In a command economy, resources and businesses are owned by the government. The government decides what goods and services will be produced and what prices will be charged for them. The government decides what methods of production will be used and how much workers will be paid.
Who determines the price and quantity of goods and services produced?
Market economies work using the forces of supply and demand to determine the appropriate prices and quantities for most goods and services in the economy.
Who decides how goods and services will be marketed?
Missed Questions on section quiz
| Question | Answer |
|---|---|
| who decides how goods and services will be marketed in a private centerpiece economic system | business people |
| in a private enterprise economic system, the interaction of supply and demand primarily determines | Product prices |
Who decides what goods and services will be produced in a traditional economy?
The primary group for whom goods and services are produced in a traditional economy is the tribe or family group. In a command economy, the central government decides what goods and services will be produced, what wages will be paid to workers, what jobs the workers do, as well as the prices of goods.
Who ultimately determines the demand for a product or service?
1. In a market economy, who determines the price and quantity demanded of goods and services that are sold? Answer: d. In a market economy producers and consumers interact to determine what the equilibrium price and quantity will be.
Who are the most common users of goods that are produced in market economies?
The primary group for whom goods and services are produced in a traditional economy is the tribe or family group.
Who controls the factors of production in the US?
Individuals and private businesses also control the factors of production. They own buildings and equipment, and are free to hire workers, and acquire things that businesses use to produce goods and services. Individuals also own the businesses that are established in the United States.
Who owns the most factors of production in a market economy?
Private interest
Private interest owns the factors of production in a market economy.
Who decides how goods and services will be produced in a mixed economy?
In a mixed economy both market forces and government decisions determine which goods and services are produced and how they are distributed. Welfare refers to government efforts to provide for people’s basic needs.
Who decides what to produce in a traditional economy?