it is the revolution
what three questions must all economic systems answer?
What to produce?How to produce?For whom to produce?These are the three fundamental questions that all Economic systems must answer.
there is no such thing as political economic systems, there are only economic political systems
Lack of economic diversity that is all nothing else
why dp cultures develop economic systems
what three questions must all economic systems answer?
What to produce?How to produce?For whom to produce?These are the three fundamental questions that all Economic systems must answer.
it is the revolution
there is no such thing as political economic systems, there are only economic political systems
Lack of economic diversity that is all nothing else
why dp cultures develop economic systems
they are all market with elements of command
what, how, how much, and for whom to produce
where will the good be produced
Each system represents different answers to the four basic economic questions.
One way to define economic systems is to classify them according to whether they are market systems or command systems.
Traditional economic system. The traditional economic system is based on goods, services, and work, all of which follow certain established trends. Command economic system. In a command system, there is a dominant centralized authority – usually the government – that controls a significant portion of the economic structure. Market economic system. Market economic systems are based on the concept of free markets. In other words, there is very little government interference. Mixed system. Mixed systems combine the characteristics of the market and command economic systems. For this reason, mixed systems are also known as dual systems.