The most fundamental features of a market economy include all of these except
2. The most productively efficient technique will be the one that produces a given amount of output with the smallest input of limited resources. Show
D. Who will get the output? (Equity) 1. determined by how the income is distributed E. How will the system accommodate change? 1. Markets are dynamic - what is efficient today may not be efficient tomorrow as tastes, technology, and resource supplies change. F. How will the system promote progress? 1. The market system promotes technological improvements and capital accumulation (economic growth). |