ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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What should be produced?
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How should it be produced?
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Why should it be produced?
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Who gets to consume it?
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Detailed explanation-1: -What should we produce? How should we produce it? For whom should we produce it?
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: -Consumers are people who buy or use goods and services to satisfy their wants.
Detailed explanation-4: -There are three main types of economic systems: command, market, and mixed. We will briefly describe each of these three types.
Detailed explanation-5: -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?