Economic systems are ways that countries answer the 5 fundamental questions:
- What will be produced?
- How will goods and services be produced?
- Who will get the output?
- How will the system accommodate change?
- How will the system promote progress?
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1. What is to be Produced? Goods and services that can be sold at a profit ; -Normal Profit. The cost payment for the contributions by the entrepenuer ; -If a ...
The five elementary economic questions are what items should be produced, how these should be produced, who the consumers are, how the changes can be ...
The five fundamental questions must be answered by all economic systems. 2. The five fundamental questions are: a. What goods and services will to be ...
Identify the five fundamental questions that all economies, whether market or command, must address. 1. How will the goods and services be produced? 2. Who ...
The 5 basic problems of an economy are as follows: What to produce and what quantity to produce? How to produce? For whom to produce the goods?
Jan 3, 2020 · Why not make full use of our productive resources? · How can governments take advantage of low interest rates? · What are the lessons of China for ...
Five Fundamental Questions of Economics: · What will be produced? · How will goods and services be produced? · Who will get the output? · How will the system ...
The choices we confront in society due to scarcity raise three issues. Every economy must answer the following BIG questions: What should be produced?
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All economies must answer basic questions like what goods and services to produce, how to produce these goods and services, and how to distribute the goods ...
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