ECONOMICS
ECONOMIC SYSTEMS
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
What goods and services are produced?
|
|
|
Who acquires the means to which goods and services are traded?
|
|
|
What resources are available for goods and services?
|
|
|
What is the opportunity cost on goods and services?
|
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: -Economic systems answer three basic questions: what will be produced, how will it be produced, and how will the output society produces be distributed? There are two extremes of how these questions get answered.
Detailed explanation-3: -Students will read and take notes on the three main questions of economics. These are what to produce, how to produce it, and who to produce it for.
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?
Detailed explanation-5: -What should we produce? How should we produce it? For whom should we produce it?