Markets and governments address three fundamental economic questions: What goods and services should be produced? How should these goods and services be produced? And for whom should they be produced? In market economies, these questions are typically answered through supply and demand dynamics, while in command economies, governments make these decisions based on planning and policy objectives. The balance between market forces and government intervention shapes the allocation of resources and production outcomes.
In market-based economies, markets determine prices which will answer the three economic questions
The question markets or governments are answering when they make decisions about how to efficiently convert resources in to goods and services is How to Produce? This is part of a planned economy which tries to improve productivity.
Markets or governments make economic decisions about how to most efficiently convert their resources into goods and services. The basic economic question that is being answer is how to produce.
I Would have to say what is being produced, how, whom and others can be decided after the what
I Would have to say what is being produced, how, whom and others can be decided after the what
I Would have to say what is being produced, how, whom and others can be decided after the what
What to produce
Markets or governments make economic decisions about how to most efficiently convert their resources into goods and services. The basic economic question that is being answer is how to produce.
In market-based economies, markets determine prices which will answer the three economic questions
what to produce
The question markets or governments are answering when they make decisions about how to efficiently convert resources in to goods and services is How to Produce? This is part of a planned economy which tries to improve productivity.
The question markets or governments are answering when they make decisions about how to efficiently convert resources in to goods and services is How to Produce? This is part of a planned economy which tries to improve productivity.
Markets or governments make economic decisions about how to most efficiently convert their resources into goods and services. The basic economic question that is being answer is how to produce.
I Would have to say what is being produced, how, whom and others can be decided after the what
I Would have to say what is being produced, how, whom and others can be decided after the what
I Would have to say what is being produced, how, whom and others can be decided after the what
What to produce