Name at least 3 things that economic power decides. -
1) Resource allocation: Economic power determines how resources such as money, capital, labor, and natural resources are allocated within a society. It influences the distribution of wealth and income among individuals and groups, and determines who has access to certain resources and opportunities.
2) Pricing and market outcomes: Economic power shapes the pricing of goods and services, and influences market outcomes such as demand and supply levels, competition, and market structure. Powerful economic actors can set prices, control markets, and shape consumer behavior.
3) Policy-making and governance: Economic power often translates into political power and the ability to influence policy-making and governance. Economic power can determine the priorities and agendas of governments, the design and implementation of economic policies, and the regulation of industries and markets. It can also affect decision-making at international institutions and influence global economic policies.