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-What should the economy produce? Market economies use price to answer this question. For example, Product X at a very high price may not sell, thus producers may stop making the product.
-How should goods/services be produced? Producers combine resources (consumers sell factors of production) to make products they can sell. Price of factors of production influence producer decisions to make or not to make a product
-Who should receive the goods/services produced? Incomes limit choices and decisions of consumers as they respond to price in the marketplace. Consumers earn incomes based on their contributions (factors of production) to production of goods/services.
-How should the economy provide for growth? Producers increase the supply of goods and services in response to price in the marketplace. Consumers earn increased incomes as they respond (offer their labor or capital) to the price of factors of production.
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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!
How many economic questions does a country's economic system provide the answers for?
Three aplus answer
What do all three economic systems have in common?
Each system represents different answers to the four basic economic questions.
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)
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.
How do the four economic systems answer the three basic questions of economics?
Societies answer the three economic questions based on their values!
How many economic questions does a country's economic system provide the answers for?
Three aplus answer
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 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)
Why isn't the concept of supply and demand included in the four fundamental questions faced by all economic systems?
Both laws of supply and demand include topic of prices while all four fundamental questions asked do not
Why isn't the concept of supply and demand include in the four fundamental questions faced by all economic systems?
Both laws of supply and demand include topic of prices while all four fundamental questions asked do not
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.
What are the four fundamental economic questions?
What goods and services will be produced?How will the goods and services be produced?Who will get the goods and services?How will the system accomodate change?
Describe the 4 basic economic systems?
the 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 comunism 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.
What are three key economic questions?
The three key economic questions are: What to produce? How to produce it? Who will consume it?
What is a traditionalist-based economic system?
A tradition-based economic system is an economic system where economic decisions are based largely on cusom. The four economic questions are answered according to the traditions of the country. People produce and distribute goods in the ways that have been followed for hundreds of years by their ancestors.
