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What are the three economic problem that all economies face because ofthe basic economic problem?
Wiki User
∙ 13y ago
The basic economic problem which is Scarcity give rise to 3 fundamental problems.
1) What to produce (Type & how many)
2) How to produce (Methods of production)
3) Whom to produce for (Not for everyone will get the good)
Because of limited resources.
Wiki User
∙ 13y ago
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How are the basic economic problems solved in economies?
this sucks
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.
Which of the following is a goal of the leaders of most economic systems?
The most basic economic institution in market economies is the system of markets.
What do you understand by basic economic problem?
The basic economic problem is scarcity of resources which is caused by the existence of alternative uses of resources
Why do all countries face the basic economic problem?
The basic economic problem is about scarcity and choice, which every society has to deal with.
How are the basic economic problems solved in economies?
this sucks
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.
Which of the following is a goal of the leaders of most economic systems?
The most basic economic institution in market economies is the system of markets.
Why are economies never purely market or command economies?
Neither purely market nor purely command economies can adequately answer the basic economic questions in every situation. -Plato
What do you understand by basic economic problem?
The basic economic problem is scarcity of resources which is caused by the existence of alternative uses of resources
Why do all countries face the basic economic problem?
The basic economic problem is about scarcity and choice, which every society has to deal with.
Basic economic problem will not be solved by?
which one of the following is not one of the basic economic question
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 does scarce economic resources mean?
Scarcity is the basic economic problem that arises because people have unlimited wants but resources are limited.
What are the basic problem in the Philippines?
The basic economic problems in the country of Philippines is high unemployment. For those that are employed low wages is another economic problem.
Why is the Choice is an important element in the basic economic problem?
I bet you regret learning about economics now because i do ok, i do
How can the basic economic problem solved in a capitalist?
It is the price mechanism
