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 are to be produced?
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How are the goods and services to be produced?
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For whom are the goods being produced
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All of the above
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Detailed explanation-1: -Every society must decide what to produce, how to produce, and for whom to produce because we live in a world of relatively scarce resources and must make careful economic choices about how to use these resources.
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: -What goods and services will to be produced? How will these goods and services be produced? Who will get the goods and services? How will the system accommodate change?
Detailed explanation-4: -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?