ECONOMICS
CONSUMERS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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What, when and who
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What, how and who
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What, which, why
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When, which and who
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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?
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: -The three basic decisions made by all economies are what to produce, how it is produced, and who consumes it.
Detailed explanation-4: -Traditional economies rely on habit, custom, or ritual to decide what to produce, how to produce it, and to whom to distribute it.
Detailed explanation-5: -There are three main types of economic systems: command, market, and mixed. We will briefly describe each of these three types.