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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?
What do all three economic systems have in common?
Each system represents different answers to the four basic economic questions.
What economic systems are the basic economic questions answered by the way people have lived over a long period of time?
Traditional Econmy
What is the term used to describe economic systems in which the basic economic questions are answered based on a socially pre-established way?
tradiotnational
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?
What do three economic systems have in common?
Each system represents different answers to the four basic economic questions.
What do all three economic systems have in common?
Each system represents different answers to the four basic economic questions.
What economic systems are the basic economic questions answered by the way people have lived over a long period of time?
Traditional Econmy
What is the term used to describe economic systems in which the basic economic questions are answered based on a socially pre-established way?
tradiotnational
What combines the elements of pure economic systems?
A mixed economy combines elements of traditional, market, and command economic models to answer the three basic economic questions.
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.
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.
In which economic system do individuals answer the basic economic questions?
market economy
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 are the four basic types of economic systems?
markets
