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Created with Fabric.js 1.4.5 ScarcityFactors of ProductionSupply and DemandGovernment RegulationPublicly ownedPrivately ownedCompetition Mixed Economy-Canada Market Economy-USA -If the supply of a product or service is low, the market price will rise, but only if there is large demand from consumers. Products and services that have a lot of supply will have a lower market value because supply can easily meet the demand from consumers. Whenever there is extra supply in a market, the prices will fall. For example, the prices of new cars in the UK have been falling for several years The scarcity of products go more quickly towards zero than in a less flexible economy. They adapted themselves to produce scarce products.This will affect supply and demand. The input of a product determines on the output. Input is the start of the production proses and output is the end. This is called production function.Thefactors of production depend on land, labor and capital. Scarcity Scarcity Factors of Production In mixed economy the factors productions are own by the government as well as private sector. The government does notintervene with the price determination of goods and services, but mayintervene if it is a matterof importance. Factors of prodution Demand refers to the want of the costumers to buy aparticular product. These wants will determent the priceof the product. The production in supply is determined also on the want and scarcity of the product. Supply and Demand Government Regulation Government Regulation Publicly Owned Privite Owend Competition Publicly Owned Privately Owned Competition Private ownership produces the most goodsand services. Almost two-thirds of the nationstotal economic output goes into personal use. This is way the nation is sometimes saidto have a consumer economy. In Public ownership it has an ideal of equality.It also promotes economic strength. Public ownership is usually in areas of nationalimportance or areas of high risk. It also helps proved and protect employment. Supply and Demand Government regulation is a restriction on allowable economic activity. They use government regulations and monitoring to control certain excesses. It control the amount to involvement that the economy has. Competition encourages the development of new goods, services and different methods of doing business. Competition is better then regulation at forcing participants to lower cost of bringing goods and services to the consumer. Everything is driven by supply anddemand giving individual gain. Though in a mixed economy they keep a significant loss and gain to a minimum. This helps the economy adapt to change. Competition is competitive markets where there are many producers. They have no control over the market supply and demand. This is a situation where there is an industry that is dominated by one supplier. The government regulations benefits can be subjective. Like they are with policies that alter the distributionof faience or income, meaning the transfer payments, price supports or subsidies. The regulations create economic or even social benefits that would be unheard of in a pure market economy. In the market economy there is not much publicly owned businesses, because the government is not very involved with the economy. There are some private businesses in Canada. They do have some help from the government but they do not want the government to run the organization. Bibliogarphy
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