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25 Sep 2019
In an economy in which decisions are guided by prices and individual self-interest, there is:
(i) the need for a third party intervention such as that of a government.
(ii) the potential to optimize efficiency in production.
(iii) less efficiency compared to what would be in a command economy.
(iv) the need for a strong authority to regulate individual greed that what would be required in a centrally planned economy.
In an economy in which decisions are guided by prices and individual self-interest, there is:
(i) the need for a third party intervention such as that of a government.
(ii) the potential to optimize efficiency in production.
(iii) less efficiency compared to what would be in a command economy.
(iv) the need for a strong authority to regulate individual greed that what would be required in a centrally planned economy.
Jarrod RobelLv2
2 Oct 2019
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