GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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what three questions must all economic systems answer?
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when will it happen?will it happen?why will it happen?
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-what goods and services will be produced?-how will the goods and services be produced?-who will receive the goods and services produced?
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who will do it?how will it happen?does it actually happen?
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None of the above
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Explanation:
Detailed explanation-1: -Traditional systems focus on the basics of goods, services, and work, and they are influenced by traditions and beliefs. A centralized authority influences command systems, while a market system is under the control of forces of demand and supply. Lastly, mixed economies are a combination of command and market systems.
Detailed explanation-2: -The different kinds of economic systems are Market Economy, Planned Economy, Centrally Planned Economy, Socialist, and Communist Economies. All these are characterized by the ownership of the economics resources and the allocation of the same.
There is 1 question to complete.