Economics Help please... (1 Viewer)

[Mighty Dragon]

I've got an Eco exam 2morrow and I was going through a past paper and came across this question:

1. a) What questions must all economic systems answer? ( I mark)

b) Describe 3 characteristics of the following economic systems ? ( 3 marks)

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I presume the first answer is unlimited wants and scarce resources...but what are they asking with the second question...what characteristics

thanks

 

[Eagles]

1.a) what to produce, how to produce, how much to produce, who gets the production
basically aims to solve the problems of scarcity

b) not sure... I'd say.. models?

 

[Pixydust*]

yeh i gather the first part is about the economic problem, but the textbook seems to think that their are two types of economic systems - market economy and a centrally planned economy - they determine the answer to these questions differently i think something about collective state ownership instead of market forces etc but u probably now already know that...just trying to help

 

[Mr. Sabuncuoglu]

their are three types of economies
1. market economy e.g. USA
2. Planned economy e.g. RUSSIA
3. Mixed Market economy e.g. AUSTRALIA

thats the beginning if u cant find info on the three types then shout me a holler and ill get back to u asap....as for the first question it is
1. what to produce
2. how to produce
3. how much to produce
4. who to distribute

anything else jus post reply or PM me...

cya

 

[Huratio]

Mr. Sabuncuoglu:

RUSSIA is now considered as a 'economy in transition'. i just thought that u prelim guys should know that there are actually 4 types of economies.. the one that mr. sab mentioned +economies in transition

 

[Mr. Sabuncuoglu]

Mr. Sabuncuoglu:

RUSSIA is now considered as a 'economy in transition'. i just thought that u prelim guys should know that there are actually 4 types of economies.. the one that mr. sab mentioned +economies in transition

thank you we'll keep that in mind for the hsc course.... for the meantime what i posted is what we've learnt so we'll jus go by that...

 

[Huratio]

yep... it will all come more important in the first hsc topic...

 

[Sparcod]

their are three types of economies
1. market economy e.g. USA
2. Planned economy e.g. RUSSIA
3. Mixed Market economy e.g. AUSTRALIA

No! USA is not a market economy. Australia has a similar economy to america's so it should be mixed market

 

[Huratio]

isn't that what he typed?

 

[Pixydust*]

oh my bad!! i didn't realise this was the prelim course! in the year 12 course, when we study the effects of globalisation, there are only two types of economic systems. otherwise, i agree with the others about the mixed, planned and market economies. There are now absoluate examples of a pure market economy because there is always, realistically, going to be government intervention in the market place and economy to an extent, Is that why US is classified as a mixed market economy?

 

[Sparcod]

isn't that what he typed?

sorry, my mistake- america is a mixed market economy

 

[Sparcod]

oh my bad!! i didn't realise this was the prelim course! in the year 12 course, when we study the effects of globalisation, there are only two types of economic systems. otherwise, i agree with the others about the mixed, planned and market economies. There are now absoluate examples of a pure market economy because there is always, realistically, going to be government intervention in the market place and economy to an extent, Is that why US is classified as a mixed market economy?

i don't think a pure market economy exists. Every economy has some government intervention wherever it sets a legal framework, provides public transport, collects taxes....

 

[NiMm]

...

Duz Nebodii Kno how to explain external n internal economies and diseconomies of scale !!!!..

 

[sf_diegoxrock]

Internal economies of scale = is a concept that a firm needs to achive a large scale of production in order to minimise costs
Internal diseconomies of scale = once the firm expands its size past a certain point (the technical optimum) then there are certain consequences (often negative)
External economies of scale = The advantages and disadvantages relating to a firms own production process and these ad. dis. that affect the company lie outside of the companys control
External diseconomies of scale = resulting from a growth of the industry in which a firm is operating, but may also result from rapid gross across the entire economy, it is not a result of a firm changing its own scale of operations

if you need anymore help, dont be hesistant to PM me =)

 

[NiMm]

THnkz

Thnxs for that...!!...it helped...wen tha bookz explain it...n iz hard to understand...i hav economics half yearly tmrz....i duno0o wats gona comE in tha long resp...kindha freakeD !!

 

[sf_diegoxrock]

you'll be fine, just study hard! =)
ive got mine in a week or so.. and im just starting on my notes and revising.. actually, im doing my Eco notes as we speek =D
well goodluck buddy