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Economics
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in a market economy, the _______ determines who gets the goods and services produced.

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Radhika Virmani
Radhika VirmaniLv6
16 Sep 2020

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Related questions

In a free-market economy,

   

A) goods and services are allocated by a price system.
   

B) as a good becomes relatively more scarce, its price declines.
   

C) government decides what is produced, and producers decide who gets to consume it.

Supply and demand determines prices levels for goods and services in a

  1. market economy
  2. traditional economy
  3. demand economy
  4. command economy

Outline the flow of goods and resources to and from economic decision-makers. One way to understand how the economy works is the circular flow model. This model demonstrates the flow of resources, goods, services, and income between households and businesses through the resource market and the market for goods and services. In a few paragraphs, please:

1) Identify the primary economic decision-makers.

2) Describe how money and resources are exchanged in the resource market, indicating who gets the resource, and who gets the income.

3) Describe how money, goods, and services are exchanged in the product and services market, indicating who receives the goods and services, and who gets the income.

4) In addition, give a brief description of any other participants in an economy that are not represented in this simple model.

Refer to the Circular Flow model resources provided below:

The Circular Flow Diagram; http://econperspectives.blogspot.com/2008/04/circular-flow-diagram.html

Circular Flow of Economic Activity: The Flow of Goods, Services & Resources

http://study.com/academy/lesson/circular-flow-of-economic-activity-the-flow-of-goods-services-resources.html

Resource Market: Definition & Overview; http://study.com/academy/lesson/resource-market-definition-lesson-quiz.html

In addition, it should be written well using correct grammar, and references need to be properly APA formatted

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