Asked by
Jessica Hazell
on Dec 11, 2024
Verified
As methods of economic organization, the market and the public sector are similar in which of the following ways?
A) Income and power are distributed equally in both sectors.
B) In both sectors, economic activity is undertaken only when it satisfies the criterion for economic efficiency.
C) In both sectors, economic exchange is completely voluntary.
D) Someone must cover the cost associated with the provision of scarce goods in both sectors.
Economic Organization
The structured and systematic way in which economic activity is arranged in a society, including the allocation of resources, production, and distribution of goods and services.
Economic Efficiency
The optimal distribution of resources to meet the needs and desires of a society, reducing waste and maximizing value.
- Contrast the efficiency and characteristics of market allocation with those of political processes.
- Identify the impact of government actions on economic efficiency and individual welfare.
Verified Answer
MS
Learning Objectives
- Contrast the efficiency and characteristics of market allocation with those of political processes.
- Identify the impact of government actions on economic efficiency and individual welfare.