GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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When will products be produced, how will products be produced, and how will products be allocated
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Where will products be produced, when will products be produced, and what products will be produced
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What products will be produced, how will products be produced, and how will products be allocated
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When will products be produced, what products will be produced, and how will products be allocated
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Detailed explanation-1: -What to produce ? Each and every economy must determine what products and services, and what volume of each, to produce. How to produce ? This basic economic problem is with regards to the mix of resources to use to create each good and service. For whom to produce ?
Detailed explanation-2: -There are three main types of economic systems: command, market, and mixed. We will briefly describe each of these three types. In a command economy, what goods and services are produced, how they are produced, and for whom they are produced are all questions answered by government planning.
Detailed explanation-3: -What to produce? ➢ What should be produced in a world with limited resources? How to produce? ➢ What resources should be used? Who consumes what is produced? ➢ Who acquires the product?