The coordination problem Keywords

?
Resource Allocation
The way in which a society's producttive assets are used amongst their alternative uses
1 of 6
Market economy
Market forces are allowed to guide the allocation of resources within a society
2 of 6
Centrally planned economy
Decisions on resource allocation are guided by the state
3 of 6
Mixed economy
Resources are allocated partly through price signals and partly on the basis of direction by government
4 of 6
Capitalism
A system of production in which there is private owenership of productive resources, and individuals are free to pursue their objectives with minimal interference from government
5 of 6
Invisible hand
Term used by Adam Smith to describe the way in which resources are allocated in a market economy
6 of 6

Other cards in this set

Card 2

Front

Market forces are allowed to guide the allocation of resources within a society

Back

Market economy

Card 3

Front

Decisions on resource allocation are guided by the state

Back

Preview of the back of card 3

Card 4

Front

Resources are allocated partly through price signals and partly on the basis of direction by government

Back

Preview of the back of card 4

Card 5

Front

A system of production in which there is private owenership of productive resources, and individuals are free to pursue their objectives with minimal interference from government

Back

Preview of the back of card 5
View more cards

Comments

No comments have yet been made

Similar Economics resources:

See all Economics resources »See all The coordination problem resources »