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?
Societies answer the three economic questions based on their values!
The 3 basic questions in economics are: What to produce? How to produce? For whom to produce?
Each system represents different answers to the four basic economic questions.
Traditional Econmy
tradiotnational
Societies answer the three economic questions based on their values!
The 3 basic questions in economics are: What to produce? How to produce? For whom to produce?
Each system represents different answers to the four basic economic questions.
Each system represents different answers to the four basic economic questions.
Traditional Econmy
tradiotnational
A mixed economy combines elements of traditional, market, and command economic models to answer the three 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.
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.
market economy
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)
markets