ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Who will rule, who will vote, and who will pay taxes?
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What will be produced, how will it be produced, and for whom it will be produced?
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Who determines the cost, who will set the prices, and who determines how much is made?
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How much will be produced, of what quality it will be, and who will pay for it?
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Detailed explanation-1: -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-2: -We will briefly describe each of these three types. In a command economy, what goods and services are produced, how they are produced, and for whom they are produced are all questions answered by government planning. The government makes economic decisions for the good of society.
Detailed explanation-3: -This helps to understand which good or services are required in the society (what to produce?) with which technique these are to be made (how to produce?) and who would consume these goods( for whom to produce?).
Detailed explanation-4: -What will be produced? How will goods and services be produced? Who will get the output? How will the system accommodate change? How will the system promote progress?