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Assess whether market economies have been more successful than planned economies in providing welfare for citizens.
The student is expected to outline some of the basic issues of welfare in the planned and market economies and subsequently submit a reasoned answer as to which has been most successful in meeting the goals. A standard solution - but a good one nonetheless - would put forward that planned economies have been successful in general in the provision of merit and public goods, and have also been able to decrease income inequality.
Change in consumer income: A change in consumer income may bring about a change in the quantity demanded of a good or service. However, the direction of change in quantity deman
Economic instruments Financial rewards, incentives and penalties that operate automatically via market forces, to encourage beneficial behavior.
If a person literally had “nothing else to do,” (a) What would be the opportunity cost of doing this homework?
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