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In every economic system, choices must be made because resources are limited or scarce relative to human wants and needs. This scarcity necessitates prioritization and trade-offs, as societies must decide how to allocate resources effectively to satisfy various demands. Consequently, choices reflect the values and priorities of individuals and communities, influencing production, consumption, and distribution. Ultimately, the manner in which these choices are made shapes the overall economic structure and outcomes.
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What is a problem in a free enterprise system?
Maker economy are free to undertake economic . free to make choices how to use resources to satisfy their needs.
In an economic system decisions need to be made about productive resources and which of the followingthing?
In an economic system, decisions need to be made about the allocation of productive resources, including what to produce, how to produce, and for whom to produce. These choices determine the distribution of goods and services, influencing overall economic efficiency and equity. Additionally, considerations about the sustainability of resources and the impact on society and the environment are increasingly important in modern economic decision-making.
What are the factors of production in an economic system?
The factors of production in an economic system describe functions the resources do. Economic resources are labor, land, enterprise, and capital.The government controls the factors of production in each economic system.
How are the resources allocated in South Africa's Economic system?
South Africa has a capitalist economic system and resources are allocated based on who can buy them.
What question must be asked about resources in an economic system?
How are the resources distributed?
What is a problem in a free enterprise system?
Maker economy are free to undertake economic . free to make choices how to use resources to satisfy their needs.
In an economic system decisions need to be made about productive resources and which of the followingthing?
In an economic system, decisions need to be made about the allocation of productive resources, including what to produce, how to produce, and for whom to produce. These choices determine the distribution of goods and services, influencing overall economic efficiency and equity. Additionally, considerations about the sustainability of resources and the impact on society and the environment are increasingly important in modern economic decision-making.
What are the factors of production in an economic system?
The factors of production in an economic system describe functions the resources do. Economic resources are labor, land, enterprise, and capital.The government controls the factors of production in each economic system.
How are the resources allocated in South Africa's Economic system?
South Africa has a capitalist economic system and resources are allocated based on who can buy them.
What question must be asked about resources in an economic system?
How are the resources distributed?
What is the economic system?
The Economic System are the means by which countries and governments distribute resources and trade goods and services.
Why do countries need economic systems?
I don't think you know what an economic system means. Every single country, every single state, every single city, every town and every house have an economic system. Economics is simply the study of the choices people make under limited resources (money, time, actual resources etc). So two people trading in the middle of the desert are using an economic system.
Is a structure for allocating scare resources?
An Economic system
Economic resources in the capitalist system are brought together by..................?
Entrepreneur's.
What is a basic characteristic of a command system?
The government owns most economic resources with a command system.
Why is capitalism so prevalent in the global economy?
Capitalism is prevalent in the global economy because this economic system allows individuals freedom to make choices. With this system, people are free to do what they want to do and use their money where they want to.
What is a basic feature of the free-market system?
A basic feature of the free market system is that consumers make their own economic choices
