ECONOMICS
ECONOMIC GROWTH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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what to produce, where to produce, how to produce
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what to produce, who is going to produce it, how to produce
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what kind of producing, where to produce, how to produce
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what to produce, how to produce, for whom to produce
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Detailed explanation-1: -What to produce? ➢ What should be produced in a world with limited resources? How to produce? ➢ What resources should be used? Who consumes what is produced? ➢ Who acquires the product?
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: -There are three main types of economies: free market, command, and mixed. The chart below compares free-market and command economies; mixed economies are a combination of the two. Individuals and businesses make their own economic decisions.
Detailed explanation-4: -What goods and services should be produced? How should these goods and services be produced? Who consumes these goods and services?