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What should be produced?
Free markets answer this question via the market mechanism (Adam Smith's "Invisible Hand"). Firms produce what consumers are willing and able to pay for.
How should it be produced?
One method is specialization -- production according to comparative advantage (the lower opportunity cost, not the lower resource cost).
For whom is it produced?
That is, how is it distributed? In free markets, only those who are willing and able to pay will receive what is produced. In centrally-planned economies, goods and services that are produced might be distributed differently, such as according to need.
What else can I help you with?
How do the four economic systems answer the three basic questions of economics?
Societies answer the three economic questions based on their values!
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.
How do we classify a nation's economic system?
According to how the three basic economic questions are answered.
What three basic questions do economic systems address?
Economists also study how economic systems address three basic questions: What shall we produce?; How shall we produce it?; For whom shall we produce it?
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!
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.
How do we classify a nation's economic system?
According to how the three basic economic questions are answered.
What three basic questions do economic systems address?
Economists also study how economic systems address three basic questions: What shall we produce?; How shall we produce it?; For whom shall we produce it?
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?
The three basic economic questions are what to produce where to produce and how to distribute?
false
What type of economy answers the three basic economic questions?
3 types of economic system
What term causes a nation to have to answer the three basic economic questions?
Scarcity of resources
What do three economic systems have in common?
Each system represents different answers to the four basic economic questions.
The way a country answers the three basic economic questions determines its?
traditional system.
Which economy answers the three basic economic questions with the phrase Do as we have always done?
Market
What are the three basic economic questions must be answered in a barter economy.?
guide the economy
