Asked by
Jessica Cooper
on Oct 09, 2024Verified
Market economies use capital goods because they improve productive efficiency.
Capital Goods
Long-lasting goods acquired and used by businesses to produce goods and services and contribute to their productive capacity.
Productive Efficiency
A situation where it's impossible to produce more of one good without producing less of another, utilizing all resources efficiently.
- Gain an insight into how private property rights influence resource distribution and enhance productive efficiency.
Verified Answer
PW
Learning Objectives
- Gain an insight into how private property rights influence resource distribution and enhance productive efficiency.