How is the u.s. economy different from a command economy?

Assignment Help Microeconomics
Reference no: EM13886223

In a command or planned economy, the government, not the market, regulates the factors of production and economic activities considered essential to the function of the economy. Economic decisions including what goods and services to produce (supply), how resources are allocated and regulated and how profits are distributed are made and implemented by the government.

How is the U.S. economy different from a command economy? Can the U.S. economy be called a true free market economy?

Explain your answer by discussing the ways in which the federal government interacts with and regulates the U.S. economy in the context of both a command and free market economy.

Reference no: EM13886223

Questions Cloud

Define stress and strain : 1. Define stress and strain. 2. State Hooke's law. 3. What is compound bar? 4. What are the assumptions made in the theory of torsion?
What are the five tenets of people management : Read the article "Root of Work Evil: Managers, not Workers, Cause Most Problems." by Stanley Modic and respond to the following questions: What are the five tenets of people management? How do the tenets illustrate the importance of defining a probl..
Give two examples of orthogonal cutting : 1. Give two examples of orthogonal cutting. 2. Define tool life 3. Define heat engine. 4. What is crank shaft? 5. Define refrigeration. 6. What is meant by air conditioning?
Find the average shear stress acting on the channel walls : Water flows at a depth of 80 cm in an open channel on a slope of 0.0012. Find the average shear stress acting on the channel walls if the channel cross section is a 140-cm-wide rectangle
How is the u.s. economy different from a command economy? : How is the U.S. economy different from a command economy?
Define the term compression ratio : 1. Define the term compression ratio. 2. What are the assumptions made for air standard cycle?
Define vapour pressure : 1. Define Vapour pressure 2. What is Compressibility? 3. Define Surface Tension. 4. List the instruments works on the basis of Bernoulli's equation. 5. State the assumptions used in deriving Bernoulli's equation 6. Define Boundary layer Thickness.
What are your team recommendations : What are your team recommendations? Should there be something installed at this location? If so, which and why that choice? If not, then why not
Explain the term reversibility : 1) Explain the term reversibility. 2) Write the two property equations involving entropy. 3) What is meant by compressibility factor? 4) What is meant by partial molar property?

Reviews

Write a Review

Microeconomics Questions & Answers

  The free rider problem

Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.

  Failure of the super committee is good thing for economy

Some commentators have argued that the failure of the “Super committee” is good thing for the economy?  Do you agree?

  Case study analysis about optimum resource allocation

Case study analysis about optimum resource allocation: -  Why might you suspect (even without evidence) that the economy might not be able to produce all the schools and clinics the Ministers want? What constraints are there on an economy's productio..

  Fixed cost and vairiable cost

Questions:  :   Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month?  Explain your choice.

  Problem - total cost, average cost, marginal cost

Problem - Total Cost, Average Cost, Marginal Cost: -  Complete the following table of costs for a firm.  (Note: enter the figures in the  MC   column  between  outputs of  0 and 1, 1 and 2, 2 and 3, etc.)

  Oligopoly and demand curve problem

Problem based on Oligopoly and demand curve,  Draw and explain the demand curve facing each firm, and given this demand curve, does this mean that firms in the jeans industry do or do not compete against one another?

  Impact of external costs on resource allocation

Explain the impact of external costs and external benefits on resource allocation;  Why are public goods not produced in sufficient quantities by private markets?  Which of the following are examples of public goods (or services)? Delete the incorrec..

  Shifts in demand and movements along the demand curve

Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to support your discuss..

  Article review question

Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:

  Long-term growth, international trade & globalization

Long-term Growth, International Trade & Globalization:- This question deals with concepts such as long-term growth, international trade and globalization. Questions related to trade deficit, trade surplus, gains from trade, an international trade sce..

  European monetary union (emu) in crisis

"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"

  Development game “settlers of catan”

Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd