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What are the economy in three basic economic questions are answered by the interaction of supply and demand in a competitive market?
In a competitive market, the three basic economic questions—what to produce, how to produce, and for whom to produce—are answered through the interaction of supply and demand. Producers determine what to produce based on consumer preferences and willingness to pay, while the method of production is influenced by cost efficiency and available resources. The distribution of goods and services, or for whom to produce, is dictated by purchasing power and market competition. This dynamic ensures that resources are allocated efficiently, responding to consumer needs and preferences.
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In this economic system smith believed that basic economic questions were answered by which group?
market
How do we classify a nation's economic system?
According to how the three basic economic questions are answered.
The basic economic questions are answered as you have always done?
traditional
In his economic system smith believed that basic economic questions were answered by which group?
market aPLUS
The average person has little influence on how the basic economic questions are answered.?
controlled function A person does have influence on how questions are answered. This is known to be from a controlled function.
In this economic system smith believed that basic economic questions were answered by which group?
market
How do we classify a nation's economic system?
According to how the three basic economic questions are answered.
The basic economic questions are answered as you have always done?
traditional
In his economic system smith believed that basic economic questions were answered by which group?
market aPLUS
The average person has little influence on how the basic economic questions are answered.?
controlled function A person does have influence on how questions are answered. This is known to be from a controlled function.
The basic economic questions are answered. Do as we have always done.?
This cannot be answered. This question does not make any sense.
Basic economic questions are answered by a group of government planners.?
This is a controlled situation.
How are the three basic economic questions answered in the united stated be specific?
What to produce, how to produce it, and who to produce it for (the 3 economic questions) are answered primarily by private companies in the U.S. Rarely does the government intervene in private sector production.
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
