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 to 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 produce?
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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: -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-3: -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-4: -The central problems of an economy revolve around the following factors:. What to produce? How to produce? For whom to produce?