Discuss the distributions of resources in mixed economy
Answers
Answer:
Mixed economies may have a distinct private sector, where resources are allocated primarily by market forces, such as the grocery sector of the UK economy. Mixed economies may also have a distinct public sector, where resources are allocated mainly by government, such as defence, police, and fire services.
Answer:
Mixed economies may have a distinct private sector, where resources are allocated primarily by market forces, such as the grocery sector of the UK economy. Mixed economies may also have a distinct public sector, where resources are allocated mainly by government, such as defence, police, and fire services.
What determines the allocation of productive resources in an economy?
Resource allocation refers to the way in which resources are distributed to produce various goods and services. One of the key characteristics of a free market economy is that all resources are privately owned. The use or allocation of these resources are influence by two decisions – what to produce and how to produce.