ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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What goods and services will be produced?
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When will this quiz be over?
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How will the goods and services be produced?
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What needs and wants will be satisfied with the goods and services produced?
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How much money should be charged for needs and wants?
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Detailed explanation-1: -What to produce? How to produce? For whom to produce?
Detailed explanation-2: -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: -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-4: -The three basic decisions made by all economies are what to produce, how it is produced, and who consumes 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.