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How markets and prices allocate resources
Beschreibung
A Levels Economics (Unit 1, 2 The Allocation of Resources in Competitive Markets) Mindmap am How markets and prices allocate resources, erstellt von beth2384 am 01/01/2014.
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economics
unit 1
2 the allocation of resources in competitive markets
economics
unit 1, 2 the allocation of resources in competitive markets
a levels
Mindmap von
beth2384
, aktualisiert more than 1 year ago
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Erstellt von
beth2384
vor fast 11 Jahre
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Zusammenfassung der Ressource
How markets and prices allocate resources
The Function of Prices
The Signalling Function
Prices signal what's available
information conveyed allows traders to plan and coordinate their economic activities
If prices signal wrong or misleading information markets will function inefficiently, sometimes breaking down completely
The Incentive Function
Prices create incentives for economic agents (e.g. households and firms)
the incentives make them behave and make decisions in ways that should fulfill their self-interest
The Rationing function (or allocative function)
the changing prices of goods and services relative to each other allocate and ration the economy's scarce resources
they are given to the consumers and firms who are willing and able to pay most of them
Medienanhänge
Rationing_and_incentives (image/png)
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