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AP Microeconomics
Unit 1 – Basic Economic Concepts
Topic 1.2
Unit 1 – Basic Economic Concepts
1.2 Resource Allocation and Economic Systems
mixed difficulty
What is one of the trade-offs involved in a command economic system?
Inefficiency due to lack of information and incentives.
Efficient allocation of resources based on consumer preferences.
Reliance on custom and tradition for decision-making.
Distribution of goods and services based on social and familial relationships.
Study guides (1)
AP Microeconomics - 1.2 Resource Allocation and Economic Systems
Key terms
Trade-offs
Command Economic System
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