ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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lack of freedom to buy and sell
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there are few new ideas
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there’s little help for those struggling
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people are able to make a lot of money
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Detailed explanation-1: -The disadvantages of a market economy include monopolies, no government intervention, poor working conditions, and unemployment.
Detailed explanation-2: -Types of market failures include negative externalities, monopolies, inefficiencies in production and allocation, incomplete information, and inequality.
Detailed explanation-3: -The fundamental problem in economics is the issue with the scarcity of resources but unlimited wants. Economics has also pointed out that a man’s needs cannot be fulfilled. The more our needs are fulfilled, the more wants we develop with time. By definition, scarcity implies a limited quantity of resources.
Detailed explanation-4: -In its purest form, a market economy answers the three economic questions by allocating resources and goods through markets, where prices are generated. In its purest form, a command economy answers the three economic questions by making allocation decisions centrally by the government.