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considering whether companies or the government should make the goods.
What is a nation's plan for making decisions on what and how to produce and how to distribute goods and services?
their economic system
Why must firms make decisions about which goods they will produce?
because firms have access to limited resources of land, labor, and capital
What a the economic problems faced by the world?
The biggest economic problem is Scarcity. All over the globe, people have unlimited want and desires, but we have only LIMITED resources. Economics is about making decisions to fulfill these wants to our extent. For example, questions such as: What goods and services should an economy produce? How should we produce these goods and services? Who should get the goods and services we produce?
What is a centrally run economy?
In a centrally-run economy, decisions about quantities and prices of goods and services to be provided are made by a small group, usually government bureaucrats. The opposite is a market economy, where such decisions are made - in theory - by private producers (sellers) and consumers (buyers). Neither type exists in its pure form.
When markets or governments make economic decisions about how to most efficiently convert their resources into goods and services what basic economic question are they answering?
The question markets or governments are answering when they make decisions about how to efficiently convert resources in to goods and services is How to Produce? This is part of a planned economy which tries to improve productivity.
What is a nation's plan for making decisions on what and how to produce and how to distribute goods and services?
their economic system
Do any society can produce goods and services?
no, i dont think that any society can produce goods and services that meet all its wants because there are societies with poor resourses and some with rich resources.
Economics decisions involve doing what with resources to produce goods and services for people to consume?
Allocating
Economic decisions involve doing what with resources to produce goods and services for people to consume?
Allocating
What is the definition of small business?
Whether small or large, "business is an organized effort by individuals to produce and sell for a profit, goods and services that satisfy societies needs."Whether small or large, "business is an organized effort by individuals to produce and sell for a profit, goods and services that satisfy societies needs."
International trade aims?
to produce more goods in certain countries
What social science is described as people government and societies choose how to use scarce resources I produce items for consumption?
Economics is the social science that studies how individuals, governments, and societies make choices on how to allocate resources to produce goods and services for consumption. It deals with the production, distribution, and consumption of goods and services within a society.
What does it mean when economist says that an area specializes in producing certain products?
They use their resources to produce a limited range of goods.
Why must firms make decisions about which goods they will produce?
because firms have access to limited resources of land, labor, and capital
When markets or governments make economic decisions about what goods and service their resources will be use to make what economic decision are they answering?
What to produce
When markets or governments make economic decisions about what goods and services their resources will be used to make?
The question markets or governments are answering when they make decisions about how to efficiently convert resources in to goods and services is How to Produce? This is part of a planned economy which tries to improve productivity.
When market or governments make economic decisions about what goods and services their resources will be used to make what basic economic question are they answering?
What to produce
