ECONOMICS
ECONOMIC SYSTEMS
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
How can available resources be used efficiently?
|
|
|
What goods and services are produced?
|
|
|
What price should goods and services be sold at?
|
|
|
None of the above
|
Detailed explanation-1: -Economic efficiency refers to how effectively a society’s scarce resources are used to produce goods.
Detailed explanation-2: -Which factor determines who a society will produce goods and services for? The economic system in the society.
Detailed explanation-3: -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-4: -Economics is the study of the production, distribution, and consumption of goods and services. 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?
Detailed explanation-5: -What should we produce? How should we produce it? For whom should we produce it?