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What are the components of a free market economy?
A free market economy is a market based one. The prices of goods and services are determined independently in a free market.
How do antitrust laws affect the circular flow of the free market?
They speed up the flow of capital and wages
What does mixed capitalism means?
A market system where there is a mix between free market (without regulation and laws, prices are determined by the market forces) and controlled market( with government restrictions).
In a free market economy the optimal QUALITY of goods and services is determined by?
The cost of output in relation to revenue.
Is characterized by the unregulated exchange of service and goods?
A free market is a market where prices are determined by supply and demand. Free markets contrast with controlled markets in which prices, supply or demand id directly controlled.
How did collectives in the soviet union avoid the compitition that drives a free market?
The government determined prices, wages, and products.
How did the collectives in the soviet union avoid the competition that drives a free market?
The government determined prices, wages, and products.
What is one the most important advantages of a free market?
It encourages growth.
What are the components of a free market economy?
A free market economy is a market based one. The prices of goods and services are determined independently in a free market.
What are the different theories of wages?
Some of the key theories of wages include the classical theory, which states that wages are determined by the supply and demand for labor in the market; the neoclassical theory, which emphasizes the role of productivity and marginal revenue product in determining wages; and the bargaining theory, which suggests that wages are determined through negotiations between employers and workers. Additionally, the dual labor market theory posits that there are two distinct segments of the labor market with different wage-setting mechanisms.
How do antitrust laws affect the circular flow of the free market?
They speed up the flow of capital and wages
What is it called when prices of goods and wages are established by the forces of supply and demand?
free market, laissez-faire
How do antitrust laws effect the circular flow of the free market?
they speed up the flow of capital and wages
Which of the following is another term for a market economy?
A market economy, also widely known as a "free market economy," is one in which goods are bought and sold and prices are determined by the free market, with a minimum of external government control.
What does mixed capitalism means?
A market system where there is a mix between free market (without regulation and laws, prices are determined by the market forces) and controlled market( with government restrictions).
How can price be determined in a free market economy?
Price in a free market economy is determined by the interaction of supply and demand. When demand for a product exceeds supply, prices tend to rise. Conversely, when supply exceeds demand, prices tend to fall. This price mechanism helps allocate resources efficiently based on consumer preferences and production costs.
How do anti trust laws affect the circular flow of the free market system?
They speed up the flow of capital and wages
