ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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What to produce? How To Produce? For whom to produce?
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Who can produce? Why you produce? Like to produce?
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Why to produce? Tell who to produce? Things to produce?
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What to produce? How to produce? When to reduce?
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Detailed explanation-1: -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-2: -That is to produce goods for the poor or for the rich. Since the resources are scarce, the economy has to decide for whom it will produce goods. The goods are produced according to the paying capacity of the people. And this capacity depends on the income level of the people which is their purchasing power.
Detailed explanation-3: -The three basic economic questions are what to produce, how to produce it, and for whom to produce it. All three are to answer how we allocate resources to meet our needs and wants.