Why did adam smith insist that a market economy (capitalism) would produce consumer goods more efficiently than a command economy?

Answers

Answer 1

Answer: The "invisible hand" is the interaction in markets where those who are able to provide goods or services find agents who demand those those goods or services and are willing to exchange them for something the supplier deems of value. If the demand is met, or there is demand by another agent in the market willing to provide compensation to the supplier that is deemed of more value, the resources in the market look to supply the next need for valued consideration.

In a command economy, supply may not be demand driven. This may result in excess capacity devoted to something that does not allow the highest value to be placed on the supplied goods or services. A transactional inefficiency may then be the result of a command encominy that is not focused on markets

Related Questions

Wanax was another name for a Mycenaean
Why did the merchants in California make a lot of money during the Gold Rush? A. Millions of miners were striking it rich and spending lots of money. B. Californians tended spend more money than most Americans at the time. C. California was such a beautiful place to live that many of the people who moved out there stayed. D. California had become a place of low supply and high demand very quickly, so even prices for necessities were very high.
Can someone please help me here it is The daughter of Thutmose I was: 1.Cleopatra 2.Osiris 3.Memphis 4.Hatshepsut
Which early chinese dynasty controlled largest geographic area
When President Nixon finally turned over all the Watergate tapes to the special prosecutor, the tapes

Which accurately describes a chart developed 20 years after a historical event?effective secondary source document
too biased for historical evidence
too focused for historical evidence
unreliable narrative source
useful primary source document

Answers

The answer is: effective secondary source document"

Within 20 years, historians would have enough time to gather all facts and data from all sides that involved in historical event. All of these facts and data is useful for them to decipher how the historical events were unfolded.

This make the chart an effective source to find for information regarding the event. But, since it does not made by people who actually involved in the events, it could only be considered as a secondary source.

"effective secondary source document" would be the best option in terms of a chart developed 20 years after a historical event, but this is not always true.

10. Why is the Harlem Renaissance of major importance in American History?A)The government finally passed a law banning slavery.
B)The area of New York was rebuilt after a devastating fire.
C)It finally gave much needed jobs to African-Americans during the Great Migration.
D)It brought the African-American experience into the cultural conscious of the country.

Answers

D)It brought the African-American experience into the cultural conscious of the country.

The Harlem Renaissance (also known as the Black Literary Renaissance and New ***** Renaissance) refers to the flowering of African American literature, art, and drama during the 1920s and 1930s. Though centered in Harlem, New York City, USA, the movement impacted urban centers throughout the United States. Black novelists, poets, painters, and playwrights began creating works rooted in their own culture instead of imitating the styles of Europeans and white Americans.

The Harlem Renaissance was an African American creative art movement in the 1920s. This included literary work, artwork, theater, and music. so it would be D

Which of the following did NOT come from the Americas during the Columbian exchange?

Answers

Slaves. Slaves came from Africa, not America!

Do you think a government is necessary for a society?

Answers

Answer:

yes it provides certain rules for keeping our society peaceful

Which of the following could be placed in the area labeled A?Its members serve either two- or six-year terms.
Its members get to engage in judicial review.
Its members get to direct foreign policy.
There are 50 members in each of its two houses.

Question 22 (Multiple Choice Worth 3 points)

Answers

The correct answer to this question is "Its members serve either two- or six-year terms." According to the definition, the United States legislative branch consists of two houses of Congress which includes the Senate and the House of Representatives. Its main duty is to make laws. There are 100 Senators all in all.

the answer is A, i'm almost positive

sorry i its wrong

Which of these events came first?Julius Caesar’s assassination
Rome becoming a republic
Caesar Augustus taking power
Rome becoming an empire

Answers

Answer: Rome becoming a republic.

The Roman Republic was an era in the history of classical Roman civilization. The then small state of Rome was previously governed by kings. However, in 509 BC, the people overthrew the government. They established a new system of government: a republic, which was intended to be more responsive to the needs and the will of citizens. The Republic lasted until 27 BC, when the Empire was established. The Republic was a period of great expansion, during which Rome came to dominate the entire Mediterranean.

Rome became a republic. This happened in 509BC. That was before everything else.

Other Questions

Who wrote A Vindication of the Rights of Women, advocating women's right to vote and hold public office?Olympe de GougesEmily DavisonMarie AntoinetteMary Wollstonecraft

For what purpose was the women's Christian temperature union formed

In the 1930s that underwater coastal areas belong to the state or the federal government who or what determined that status?

Mexico resented the annexation of Texas. a. Trueb. False