Economics is the study of how society chooses to allocate its scarce productive resources (labor,...

Question

Economics is the study of how society chooses to allocate its scarce productive resources (labor, capital, land, entrepreneurial talent).

In a mixed economy, elements of both central planning and market allocation of resources are used in allocating productive resources. The United States economy is a mixed economy, with a bias towards market allocation of resources. This means most resources are allocated in the private sector by way of markets.

Discuss whether you favor a larger or smaller role of government in the economy. Refer to concepts found in the reading to support your opinion.

David · Accepted Answer

There is a need to increase the role of the government in the economy. One of the key reasons 
for the same is the fact that market based economy tends to fail on meeting the social 
objectives of the society and hence tend to maintain the status quo where the wealth 
difference tends to get compounded which is adverse to an flourishing society. Additionally, 
with the increasing sensitivity with regards to environmental pollution,

Economics is the study of how society chooses to allocate its scarce productive resources (labor, capital, land, entrepreneurial talent). In a mixed economy, elements of both central planning and...

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