BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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what three questions must all economic systems answer?
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when will it happen?will it happen?why will it happen?
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-what goods and services will be produced?-how will the goods and services be produced?-who will receive the goods and services produced?
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who will do it?how will it happen?does it actually happen?
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Explanation:
Detailed explanation-1: -Economists address these three questions: (1) What goods and services should be produced to meet consumer needs? (2) How should they be produced, and who should produce them? (3) Who should receive goods and services? The answers to these questions depend on a country’s economic system.
Detailed explanation-2: -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-3: -Students will read and take notes on the three main questions of economics. These are what to produce, how to produce it, and who to produce it for.
There is 1 question to complete.