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How does each type of economy answer the three basic questions?
market economy
What economics and political symtem have evolves to answer the basic questions of economics?
The three economic questions are:What to produce, how to produce, and for whom to produce.There are three main systems that have developed to answer those questions:Traditional economies (economies that answer those questions the same way as their ancestors did) examples are Native American cultures and African tribes.Market economies (where consumers decide what, the producers decide how, and price and income decide for whom) example = JapanCommand/ centrally planned economies (the government decides the answers to these questions) example = USSR and ChinaMost of these economies do not exist in pure form. They exist as mixed economies. For example the United States which has mainly a market economy with some government control and intervention.As far as political systems, democracy/republic works with mixed, market, and traditional, also with command sometimes.Communism is the system that goes with a command/centrally planned economy.Fascism attempts to go between market and command.
In which economic system do individuals answer the basic economic questions?
market economy
How does a traditional economy differ from a capitalist economy?
In a capitalist system, the government answers the three basic questions.
How does a Mixed economy answer the basic economic questions?
the world may never know
Who controls North Korea’s economy and owns and runs all factories and farms?
Who controls the economy in North Korea? The economy of North Korea is a centrally planned economy, following Juche, where the role of market allocation schemes is limited, although increasing. As of 2021, North Korea continues its basic adherence to a centralized command economy.
How does each type of economy answer the three basic questions?
market economy
What are the three basic economic questions must be answered in a barter economy.?
guide the economy
What economics and political symtem have evolves to answer the basic questions of economics?
The three economic questions are:What to produce, how to produce, and for whom to produce.There are three main systems that have developed to answer those questions:Traditional economies (economies that answer those questions the same way as their ancestors did) examples are Native American cultures and African tribes.Market economies (where consumers decide what, the producers decide how, and price and income decide for whom) example = JapanCommand/ centrally planned economies (the government decides the answers to these questions) example = USSR and ChinaMost of these economies do not exist in pure form. They exist as mixed economies. For example the United States which has mainly a market economy with some government control and intervention.As far as political systems, democracy/republic works with mixed, market, and traditional, also with command sometimes.Communism is the system that goes with a command/centrally planned economy.Fascism attempts to go between market and command.
In which economic system do individuals answer the basic economic questions?
market economy
How does a traditional economy differ from a capitalist economy?
In a capitalist system, the government answers the three basic questions.
How does a Mixed economy answer the basic economic questions?
the world may never know
In what type of economy are the basic economic questions answered as you have always done?
traditional > <
Which of these is the best desription of a traditional economy?
The basic economic questions are answered by the customs of the past. A+
The basic economic questions are answered by a group of government planners in this type of economy.?
controlled
What type of economy are the basic economic questions answered by a group of government planners?
Controlled
Which economy answers the three basic economic questions with the phrase Do as we have always done?
Market
