ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Why, Who, When
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What, How, For Whom
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Por que, Cual, Cuando
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How come, How many, How are
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Detailed explanation-1: -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-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: -In order to meet the needs of its people, every society must answer three basic economic questions: What should we produce? How should we produce it? For whom should we produce it?
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.