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Bizhelp, CPA
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2.Two major virtues of the market system are that it Answer allocates

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2.Two major virtues of the market system are that it:

allocates resources efficiently and allows economic freedom.

results in an equitable personal distribution of income and always maintains full employment.

results in price level stability and a fair personal distribution of income.

eliminates discrimination and minimizes environmental pollution.

3.In the circular flow model:

households sell resources to firms.

households receive income through the product market.

households spend income in the resource market.

businesses neither buy nor sell resources.

4.Innovation lagged in the centrally planned economies because:

there was too much domestic business competition.

there was too much competition from foreign firms.

enterprises resisted innovation in fear that their production targets would be raised.

exports had to equal imports for the plan to work.
Submitted: 6 years ago.
Category: Homework
Expert:  Bizhelp replied 6 years ago.

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