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When deciding which goods to produce, key considerations include market demand, production costs, and competitive advantage. Understanding consumer preferences and trends is crucial to ensure that the goods meet market needs. Additionally, evaluating the cost of resources and production efficiency can impact profitability. Lastly, assessing the competition helps identify unique selling points and potential market positioning.
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What factors prevents private companies from deciding to produce public goods?
The profit motive
When trying to decide what to produce businesses will lok at the demand for their goods?
Businesses will look at the demand or potential demand for their goods when deciding what to produce. They will consider both immediate and future demand.
The process of deciding the best way to use an organization's resources to produce goods and services is known as?
management
What can not be done by the government in a command economy?
Deciding what goods consumers buy.
What is Aggregation for manufactured goods typically based on?
Marketing considerations
What factors prevents private companies from deciding to produce public goods?
The profit motive
When trying to decide what to produce businesses will lok at the demand for their goods?
Businesses will look at the demand or potential demand for their goods when deciding what to produce. They will consider both immediate and future demand.
The process of deciding the best way to use an organization's resources to produce goods and services is known as?
management
What can not be done by the government in a command economy?
Deciding what goods consumers buy.
Did China produce goods?
Yes, China did produce goods.
What is Aggregation for manufactured goods typically based on?
Marketing considerations
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 commodities are produce how are goods produce and for whom are goods produce?
they let the customers and citizens decide.
What cannot be done by the government in a command economy?
deciding what goods consumers buy
What are the question a society must ask because of scarcity?
Due to scarcity, a society must ask three fundamental questions: What to produce? This determines which goods and services should be prioritized based on limited resources. How to produce? This involves deciding on the methods and technologies to use in production to optimize resource use. Finally, for whom to produce? This question addresses the distribution of goods and services, ensuring that they meet the needs and wants of the population effectively.
Who determines what goods to produce in the economy?
It is the demand and supply which determines the goods and services to produce in the economy.
Which economic system decide what to sell and what price?
If the government is deciding which goods to sell and at what price, it is known as a command economy. If individuals are deciding, it is known as a market economy.
