BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Each of the following is one of the three economic questions that must be answered by all nations except:
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What goods and services will be produced?
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How will the goods and services be produced?
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Who will receive the profits earned when goods and services are produced?
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What needs and wants will be satisfied with the goods and services produced?
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Explanation:
Detailed explanation-1: -An economic system is any system of allocating scarce resources. Economic systems answer three basic questions: what will be produced, how will it be produced, and how will the output society produces be distributed?
Detailed explanation-2: -Each of the following is one of the three economic questions that must be answered by all nations except: Who will receive the profits earned when goods and services are produced?
Detailed explanation-3: -Economic Systems: Command, Market, and Mixed The way in which a society answers the three fundamental economic questions is called an economic system. More formally, an economics system is a process or mechanism for answering the three fundamental questions.
There is 1 question to complete.