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AP Microeconomics
Unit 1 – Basic Economic Concepts
Topic 1.2
What is one of the trade-offs involved in a command economic system?
Inefficiency due to lack of information and incentives.
Distribution of goods and services based on social and familial relationships.
Reliance on custom and tradition for decision-making.
Efficient allocation of resources based on consumer preferences.
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AP Microeconomics - 1.2 Resource Allocation and Economic Systems
Key terms
Trade-offs
Command Economic System
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About Us
About Fiveable
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Careers
Testimonials
Code of Conduct
Terms of Use
Privacy Policy
CCPA Privacy Policy
Resources
Cram Mode
AP Score Calculators
Study Guides
Practice Quizzes
Glossary
Crisis Text Line
Request a Feature
Report an Issue
© 2024 Fiveable Inc. All rights reserved.
AP® and SAT® are trademarks registered by the College Board, which is not affiliated with, and does not endorse this website.
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