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How are the economic questions of what to produce and how to produce decided in a market economy such as the US?
Wiki User
∙ 13y ago
All three of the basic economic questions, in a market economy is answered by the market:
What to produce: This is determined by what is demanded and what can be supplied (with the resources) in an economy.
How to produce: This is determined by the resource available although theoretically, it should produce at the bottom point in the average cost curve.
To whom to produce: Although not stated in the question, this is still a fundamental question in an economy. In a market economy, this question is answered by the demand and supply: The good is produced for all those who is willing and able to buy that good at a given price (determined by the demand and supply.)
Wiki User
∙ 13y ago
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In what economy the government answer the three economic questions?
three economic questions what to produce how (much) to produce who gets the goods Answer: Command economy.
What three questions determine a country's economic system?
There are three simple questions an economy of a country must answer. They are "what to produce," "how to produce," and "for whom to produce."
Describe the 4 basic economic systems?
the are four types of economic systems: traditional economies, market economies, command economies, and mixed economies. these economic systems differ in how to answer the three basic questions: how to produce, what to produce and for whom to produce. In traditional economies, the three economic questions are decided mainly by social customs. In market economies, the economy is like capitalism in U.S and the economic questions are decided by individuals in the marketplace. In command economies, is like comunism and the questions are decided by the government. In mixed economies, they are decided by a combination of market decisions making and government order. Many different combinations of these four kinds of economic systems are operating around the world today, with different degrees of success.
What are the four basic economic systems around the world?
There are four types of economic systems: traditional economies, market economies, command economies, and mixed economies. these economic systems differ in how to answer the three basic questions: how to produce, what to produce and for whom to produce. In traditional economies, the three economic questions are decided mainly by social customs. In market economies, the economy is like capitalism in U.S and the economic questions are decided by individuals in the marketplace. In command economies, is like communism and the questions are decided by the government. In mixed economies, they are decided by a combination of market decisions making and government order. Many different combinations of these four kinds of economic systems are operating around the world today, with different degrees of success. Free-market and command (apex)
What are the three economic questions?
The three economic questions are: What to produce? How to produce it? Who will consume it?
In what economy the government answer the three economic questions?
three economic questions what to produce how (much) to produce who gets the goods Answer: Command economy.
What three questions determine a country's economic system?
There are three simple questions an economy of a country must answer. They are "what to produce," "how to produce," and "for whom to produce."
Describe the 4 basic economic systems?
the are four types of economic systems: traditional economies, market economies, command economies, and mixed economies. these economic systems differ in how to answer the three basic questions: how to produce, what to produce and for whom to produce. In traditional economies, the three economic questions are decided mainly by social customs. In market economies, the economy is like capitalism in U.S and the economic questions are decided by individuals in the marketplace. In command economies, is like comunism and the questions are decided by the government. In mixed economies, they are decided by a combination of market decisions making and government order. Many different combinations of these four kinds of economic systems are operating around the world today, with different degrees of success.
What are the four basic economic systems around the world?
There are four types of economic systems: traditional economies, market economies, command economies, and mixed economies. these economic systems differ in how to answer the three basic questions: how to produce, what to produce and for whom to produce. In traditional economies, the three economic questions are decided mainly by social customs. In market economies, the economy is like capitalism in U.S and the economic questions are decided by individuals in the marketplace. In command economies, is like communism and the questions are decided by the government. In mixed economies, they are decided by a combination of market decisions making and government order. Many different combinations of these four kinds of economic systems are operating around the world today, with different degrees of success. Free-market and command (apex)
What are the three economic questions?
The three economic questions are: What to produce? How to produce it? Who will consume it?
What are three key economic questions?
The three key economic questions are: What to produce? How to produce it? Who will consume it?
What are the three economic questions that economic systems must answer?
The 3 basic questions in economics are: What to produce? How to produce? For whom to produce?
What are three economic questions?
what to produce, how to produce and who consumes it
What are the 3 fundamental questions that all economic systems must answer?
What to produce?How to produce?For whom to produce?These are the three fundamental questions that all Economic systems must answer.
How does Israel's economy answer the questions of how to produce what to produce it and for whom to produce it?
cut diamonds
What are the central economic problems?
the central economic problems faced by the economy are what to produce,how to produce,for whom to produce,how to achieve the fuller utilisation of resources
3 basic economic questions?
what to produce? How to produce it? How much it will cost?
