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How do the four economic systems answer the three basic questions of economics?
Societies answer the three economic questions based on their values!
What do all three economic systems have in common?
Each system represents different answers to the four basic economic questions.
What is the definition of 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.
In which economic system do individuals answer the basic economic questions?
market economy
What are the three economic questions that economic systems must answer?
The 3 basic questions in economics are: What to produce? How to produce? For whom to produce?
How do the four economic systems answer the three basic questions of economics?
Societies answer the three economic questions based on their values!
What do three economic systems have in common?
Each system represents different answers to the four basic economic questions.
What do all three economic systems have in common?
Each system represents different answers to the four basic economic questions.
What is the definition of 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.
In which economic system do individuals answer the basic economic questions?
market economy
What are the three economic questions that economic systems must answer?
The 3 basic questions in economics are: What to produce? How to produce? For whom to produce?
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
What are the four basic economic systems around the world?
There are four types of economic systems: traditional economies, market economies, command economies, and mixed economies. these economic systems differ in how to answer the three basic questions: how to produce, what to produce and for whom to produce. In traditional economies, the three economic questions are decided mainly by social customs. In market economies, the economy is like capitalism in U.S and the economic questions are decided by individuals in the marketplace. In command economies, is like communism and the questions are decided by the government. In mixed economies, they are decided by a combination of market decisions making and government order. Many different combinations of these four kinds of economic systems are operating around the world today, with different degrees of success. Free-market and command (apex)
In his economic system smith believed that basic economic questions were answered by which group?
market aPLUS
What type of economic system answers the basic economic questions in the circular flow?
Free Enterprise
