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Societies answer the three economic questions based on their values!
According to how the three basic economic questions are answered.
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?
The 3 basic questions in economics are: What to produce? How to produce? For whom to produce?
false
Societies answer the three economic questions based on their values!
According to how the three basic economic questions are answered.
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?
The 3 basic questions in economics are: What to produce? How to produce? For whom to produce?
false
3 types of economic system
Scarcity of resources
Each system represents different answers to the four basic economic questions.
Market
traditional system.
guide the economy
traditional