AssessmentPrint This Competency Assessment assesses the following outcome: GB540M1: Evaluate ethical issues in economics. Markets are mechanisms for coordinating the set of connections of production o

Posted: December 30th, 2021

AssessmentPrint
This Competency Assessment assesses the following outcome:
GB540M1: Evaluate ethical issues in economics.
Markets are mechanisms for coordinating the set of connections of production operations that are distributed throughout the whole economic system. Thus, the market is the predominant and determining link between producers of goods and services and consumers. Accordingly, markets, as an exchange of goods and services that takes place as a result of buyers and sellers interactions, are generally considered the most efficient allocator of resources in the market economy.