What might Critics of the wealth gap argue?
Critics of the wealth gap might argue that: the wealthy become unable to make investments. buying power exceeds the supply from producers. Economic growth will likely decline over time.
How can the government reduce the wealth gap in a market economy?
How can the government reduce the wealth gap in a mixed market economy? The government can control income levels by placing limits on how much citizens can earn. The government can eliminate minimum wages for workers to account for economic differences.
What is one possible effect of high unemployment in a mixed market economy the government will intervene to appoint new jobs to workers a lack of income will weaken the buying power for many people new government run farms and factories will open to provide?
A lack of income will weaken the buying power for many people is one possible effect of high unemployment in a mixed market economy.
What is one possible effect of high employment in a mixed market economy?
The one possible effect of high unemployment in a mixed market economy would be that the lack of income will weaken the buying power of many.
What role does an economic system play in society quizlet?
What role does an economic system play in society? economic systems decide what, how and for whom to produce goods. production is based on customs and traditions and economic roles are typically passed down from one generation to the next.
Who Will a command economy distribute goods to quizlet?
A command economy means that the government makes the decisions on how to allocate resources and how to distribute goods and services. The government decides what goods and services should be produced, how they should be produced, and who will consume them.
Who receives the good or service from first come first serve?
First-come, first-served works best when scarce resources can serve just one person at a time in a sequence. When a resource is shared equally, everyone gets the same amount of it. You might use this method to share a dessert in a restaurant.
Who Will a command economy distribute goods to?
In a command economy, the government controls major aspects of economic production. The government decides the means of production and owns the industries that produce goods and services for the public. The government prices and produces goods and services that it thinks benefits the people.
What is an example of a command economy quizlet?
A command economy is one where the government makes most economic decisions, such as what will be produced, how it will be produced, and for whom it is produced. North Korea and Cuba are examples.
What is one example of a planned economy quizlet?
Government planners decide which goods and services are produced and how they are distributed. The former Soviet Union was an example of a command economy. Also called a centrally planned economy.
What is another term for command economy quizlet?
Terms in this set (35) Which is another term for a command economy? Centrally-planned economy.
What is an objective of a pure command economy quizlet?
A pure command economy is a system where the government, rather than the free market, determines what goods should be produced, how much should be produced and the price at which the goods are offered for sale. Only $3.99/month. mixed economy.