ECONOMICS
PRODUCTIVITY
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
All economies must decide how to help firms to maximize their profits,
|
|
|
All economies should be fair to all people.
|
|
|
All economies seek to make their rich people even richer.
|
|
|
All economies much determine how to allocate their scarce resources.
|
Detailed explanation-1: -The three basic decisions made by all economies are what to produce, how it is produced, and who consumes it.
Detailed explanation-2: -Government makes all the decisions on what goods to make and how to produce these goods as well as who to sell them to. An economic system based on free enterprise, in which businesses are privately owned, and production and prices are determined by supply and demand.
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: -Economic systems answer three basic questions: what will be produced, how will it be produced, and how will the output society produces be distributed?