ECONOMICS
CONSUMERS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Command
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Traditional
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Market (Mixed)
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None of the above
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Detailed explanation-1: -They tend to lack modern conveniences and have a low standard of living.
Detailed explanation-2: -Economics is the study of the production, distribution, and consumption of goods and services. 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?
Detailed explanation-3: -There are three main types of economic systems: command, market, and mixed. We will briefly describe each of these three types. In a command economy, what goods and services are produced, how they are produced, and for whom they are produced are all questions answered by government planning.
Detailed explanation-4: -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-5: -Traditional economic system. Command economic system. Market economic system. Mixed system. 7 days ago