ECONOMICS
ECONOMIC SYSTEMS
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
What should be produced?
|
|
|
How should it be produced?
|
|
|
How should the products be distributed?
|
|
|
Who should get it?
|
Detailed explanation-1: -The central or fundamental questions of economics are: what to produce, how to produce, and for whom to produce. So, the effect of any addition or subtraction on the on-going situation is not a fundamental question.
Detailed explanation-2: -Answer and Explanation: The fundamental economic question regarding the distribution of output in the economy is equivalent to the question of who will produce the output.
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? There are two extremes of how these questions get answered.
Detailed explanation-4: -What will be produced? How will goods and services be produced? Who will get the output? How will the system accommodate change? How will the system promote progress?