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Which economy answers the three basic economic questions with the phrase Do as we have always done?
Market
Producers reacting to consumer choices provide most answers to the basic economic questions in this type of economy?
market
What type of economy best fits the description producers reacting to consumer choices provide most answers to the basic economic questions?
market
In which economic system do individuals answer the basic economic questions?
market economy
A society in which the leadership such as a dictator answers all economic questions is an example of which type of economic system?
A society in which a dictator answers all economic questions is an example of a command economy, also known as a planned economy. In this system, the government or central authority makes decisions regarding the production, distribution, and consumption of goods and services, often with little to no input from the market or consumers. This contrasts with market economies, where decisions are driven by supply and demand.
Which economy answers the three basic economic questions with the phrase Do as we have always done?
Market
Producers reacting to consumer choices provide most answers to the basic economic questions in this type of economy?
market
What type of economy best fits the description producers reacting to consumer choices provide most answers to the basic economic questions?
market
In which economic system do individuals answer the basic economic questions?
market economy
An economy that answers its basic economic questions by doing things the way that they always have been doe is called a?
An economy that answers its basic economic questions by relying on traditional methods and longstanding practices is called a traditional economy. In this system, economic decisions are based on customs, beliefs, and historical precedent, with little emphasis on innovation or change. Often, these economies are found in rural or underdeveloped areas where communities prioritize subsistence and cultural continuity over market-driven approaches.
Which of these represents a market economic system?
By buying or not buying goods and services, consumers provide answers to the basic economic questions
Producers reacting to consumer choices provide most answers to the basic economic questions?
market
By buying or not buying goods and services consumers are helping provide answers to the basic economic questions?
market
By buying or not buying goods and services consumers are helping provide answers to the basic economic questions.?
market
What economy answers the three basic economic question the phrase do as we have always done?
traditional
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.
Who answers the four economic questions in a market economy?
In a market economy, the four economic questions—what to produce, how to produce, for whom to produce, and when to produce—are primarily answered by individuals and businesses through the forces of supply and demand. Consumers influence production decisions by expressing their preferences and purchasing choices, while producers determine how to create goods and services based on cost-effectiveness and market conditions. The interaction between buyers and sellers in the marketplace ultimately shapes these decisions, promoting efficiency and innovation.
