Individuals and all societies have unlimited wants or and have limited resources to fulfill these unlimited wants and this is called scarcity of resources.
“Ever-present situation in all markets whereby either less goods…
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4): Human resources: labor. The labor force is limited both in number and in skills.
Manufactured resources or capital. Capital consists of all those inputs that have themselves been produced in the first place. The world has a limited stock of capital: a limited supply of factories, machines, transportation and other equipment. The productivity of capital is limited by the state of technology.
Hence, scarcity arises due to comparative unlimited human wants in the limited set of available resources to satisfy these wants. In other words, in free market economy scarcity occurs either because of increase in demand or decrease in supply.
Also known as pure capitalist system; where individuals are free to make their demand decisions. The decisions of consumers and firms pertaining to the demand and supply of goods are transmitted to each one of them via the effect of these decisions on prices. This in turn, sets the equilibrium price level in the economy.
Hence, prices are set via free interaction of demand and supply of goods and services, in a market where consumers are free to make their own choices according to their own income levels, firms are free to supply what they decide according to their own investment.
government interference to run the economic system exists with the help of businesses. United States, however, is a good example of free market system where government intervention is minimal and mostly prices are determined through market forces of demand and supply.
“an economy where supply and price are regulated by the government rather than market forces. Government planners decide which goods and services are produced and how they are distributed. The former Soviet Union was an example of a command economy”.
Command economies are usually recognizable in places where the presence of socialist or communist systems of
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