ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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its unique combination of social values and goals.
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the amount of factor payments.
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its needs and wants.
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economic equity.
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Detailed explanation-1: -Each society determines who will consume what is produced based on? its unique combination of social values and goals. How do free markets operate? In a free market economy, households and business firms use markets to exchange money and products.
Detailed explanation-2: -Each society determines who will consume what is produced based on. its unique combination of social values and goals.
Detailed explanation-3: -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. (This process occurs through the interaction of demand and supply, about which we will have much more to say starting next week.)
Detailed explanation-4: -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-5: -An economic system is the method used by a society to produce and distribute goods and services. Traditional economies rely on habit, custom, or ritual to decide what to produce, how to produce it, and to whom to distribute it.