The characteristics of command and market economies, Business Economics

QUESTION

(a) What are the characteristics of command and market economies?

(b) In a number of countries in recent years, there has been a movement towards a greater reliance on the market system. Assess to what extent this trend is beneficial for an economy.

(c) Using appropriate examples, differentiate between public and merit goods.

(d) Explain, with the help of relevant examples, the relationship between private, external and social cost.

Posted Date: 10/26/2013 3:36:06 AM | Location : United States







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