Change:  Efficiency: It's more efficient for a country if it has a market system, instead of a command economy. In a command economy (aka socialism; communism),   View changes from previous version. (Word count: 0)

Change: their demands with the 'dollar vote.' Producers, therefore, can judgethen get 'feed backs' uponabout the quantities and varieties of their production based on the consumer's demands. Products that satisfy the needs of society will thus be produced instead of unwanted goods.   View changes from previous version. (Word count: 483)

Change: producer. Efficiency also drives the research and development of more efficient methods of production and other important technological advancements.Productive Efficiency: the production of any particular mix of goods and services in the least costly way. Allocative Efficiency: the production of that particular mix   View changes from previous version. (Word count: 454)

Change: be produced, which will then rot in warehouses. Whereas in a market economy, each company/firm has freedom to choose how much and what they produce. In   View changes from previous version. (Word count: 428)

Change: the production of any particular mix of goods and services in the least costly way. Allocative Efficiency: the production of that particular mix of goods and services most wanted by society. Incentives: As greater work skills and effort result in   View changes from previous version. (Word count: 409)

Change: This leads to efficient allocation of resources in making quality products with high demands which increases profitable gains for both the consumer and the producer Incentives: As greater work skills and effort result in greater production and   View changes from previous version. (Word count: 326)

Change:  As greater work skills and effort result in greater production and higher incomes, people would have a greater incentive to work harder, acquire more skills,   View changes from previous version. (Word count: 270)

Change:  A term Adam Smith created to convey the idea that the greatest benefit to society as a whole is achieved by people looking out for   View changes from previous version. (Word count: 94)

Change: Created by welkerjason Aug 13 2007, 11:00 PM EDT for: no reason given