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How do we classify a nation's economic system?
According to how the three basic economic questions are answered.
A nation must answer each of these basic economic questions except?
Where should products be produced
A nation must answer each of these basic economic questions EXECPT?
Where should products be produced?
What basic economic questions must the nation answer?
Scarcity of resources cause all nations to answer 3 economic questions because people have unlimited wants but limited resources to produce them.
What is the definition of basic economic questions?
Basic economic questions all deal with scarcity. These type of questions must be asked so that economic decisions will be made that are beneficial.
How do we classify a nation's economic system?
According to how the three basic economic questions are answered.
What term causes a nation to have to answer the three basic economic questions?
Scarcity of resources
A nation must answer each of these basic economic questions except?
Where should products be produced
A nation must answer each of these basic economic questions EXECPT?
Where should products be produced?
What basic economic questions must the nation answer?
Scarcity of resources cause all nations to answer 3 economic questions because people have unlimited wants but limited resources to produce them.
What is the definition of basic economic questions?
Basic economic questions all deal with scarcity. These type of questions must be asked so that economic decisions will be made that are beneficial.
In which economic system do individuals answer the basic economic questions?
market economy
How do the four economic systems answer the three basic questions of economics?
Societies answer the three economic questions based on their values!
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?
In this economic system smith believed that basic economic questions were answered by which group?
market
The basic economic questions are answered as you have always done?
traditional
In his economic system smith believed that basic economic questions were answered by which group?
market aPLUS
