ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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the available resources in the society
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the population of the society
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the economic system in the society
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None of the above
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Detailed explanation-1: -Which factor determines who a society will produce goods and services for? The economic system in the society.
Detailed explanation-2: -In a market economy, resources are owned by private individuals. The goods and services that are produced are not determined by the government. Rather, production is determined by businesses responding to the wants and desires of consumers.
Detailed explanation-3: -In a market economy, the producer gets to decide what to produce, how much to produce, what to charge customers for those goods, and what to pay employees. These decisions in a free-market economy are influenced by the pressures of competition, supply, and demand.
Detailed explanation-4: -Natural resources. Power and energy resources. Capital accumulation. Technological resources. Available labor force. Transportation and communications. Education and training. 28-Dec-2021