Societies answer the three economic questions based on their values!
The 3 basic questions in economics are: What to produce? How to produce? For whom to produce?
Economists also study how economic systems address three basic questions: What shall we produce?; How shall we produce it?; For whom shall we produce it?
discuss the basic economic problem?
Each system represents different answers to the four basic economic questions.
Traditional Econmy
The 3 basic questions in economics are: What to produce? How to produce? For whom to produce?
They face the same basic economic problems
They face the same basic economic problems
Economists also study how economic systems address three basic questions: What shall we produce?; How shall we produce it?; For whom shall we produce it?
discuss the basic economic problem?
Each system represents different answers to the four basic economic questions.
Each system represents different answers to the four basic economic questions.
Traditional Econmy
tradiotnational
A mixed economy combines elements of traditional, market, and command economic models to answer the three basic economic questions.
Basic economic questions all deal with scarcity. These type of questions must be asked so that economic decisions will be made that are beneficial.
Who is prouducing what are they prouducing and how are they producing