ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Economic system
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traditional economy
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command economy
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market economy
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mixed economy
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Detailed explanation-1: -The way a nation uses its resources to fulfill needs and wants is called its economic system.
Detailed explanation-2: -Economic System: society uses its scarce resources to satisfy its people unlimited wants. “Mixed” economies: which have features of more than one type of economies.
Detailed explanation-3: -Economic wants are desires that can be satisfied by consuming a good, service, or leisure activity. Because people have differing economic wants, they purchase a wide variety of goods and services or choose to “consume” differing amounts of leisure time.
Detailed explanation-4: -One of the defining features of economics is scarcity, which deals with how people satisfy unlimited wants and needs with limited resources.
Detailed explanation-5: -Economics is the study of how societies use scarce resources to produce valuable commodities and distribute them among different people. Behind this definition are two key ideas in economics: that goods are scarce and that society must use its resources efficiently.