Table of Contents
How do the four different economic systems answer the basic economic questions?
The four basic economic questions are (1) what goods and services and how much of each to produce, (2) how to produce, (3) for whom to produce, and (4) who owns and controls the factors of production. In a capitalist economy, the first question is answered by consumers as they spend their money.
What are three basic questions economic systems answer?
An economic system is any system of allocating scarce resources. Economic systems answer three basic questions: what will be produced, how will it be produced, and how will the output society produces be distributed? There are two extremes of how these questions get answered.
How are the four basic economic systems answered?
The four basic economic systems answers the three basic economic questions by having government regulations in the command economy .Buyers and sellers in the market economy .Based on tradition and customs in the Traditional economy .The combination of the mixed economy .
What are the four basic questions of Economics?
The four basic economic questions include:What goods and services will be produced?How will the goods and services be produced?Who will get the goods and services?How will the system accomodate change? What do all three economic systems have in common?
How are the three economic questions answered in a mixed economy?
How are the three economic questions answered in a mixed economy? Economic systems answer three basic questions: what will be produced, how will it be produced, and how will the output society produces be distributed?
Which is the best description of an economic system?
Another, more popular term for economic system is economy. An economy, or economic system, is the structural framework in which households, businesses, and governments undertake the production and consumption decisions that allocate limited resources to satisfy unlimited wants and needs.