The allocation of resources (OCR A-Level Economics): Quizzes
📚Quizzes
Practise the questions
13 questions from this quiz
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Practise the questions
13 questions from this quiz
What are incentives in economics?
What are incentives in economics?
Factors that motivate human behaviour
Which type of incentive includes moral satisfaction?
Which type of incentive includes moral satisfaction?
Non-financial
How do higher wages affect worker behaviour?
How do higher wages affect worker behaviour?
Incentivize more effort or longer hours
What do subsidies encourage firms to do?
What do subsidies encourage firms to do?
Increase production
In a market economy, who makes resource allocation decisions?
In a market economy, who makes resource allocation decisions?
Decentralized firms and households
What role do prices play in a market economy?
What role do prices play in a market economy?
Signals for resource allocation
Who owns resources in a market economic system?
Who owns resources in a market economic system?
Private individuals and businesses
Who makes all economic decisions in a planned economy?
Who makes all economic decisions in a planned economy?
Government or central authority
What is the focus in a planned economy instead of profit?
What is the focus in a planned economy instead of profit?
Meeting societal needs
What does a mixed economy combine?
What does a mixed economy combine?
Market and planned economy elements
In a mixed economy, when does government intervene?
In a mixed economy, when does government intervene?
To address market failures
What does productive efficiency focus on?
What does productive efficiency focus on?
Minimizing production costs
When does allocative efficiency occur?
When does allocative efficiency occur?
When