What are three questions must all economic systems answer?
In order to meet the needs of its people, every society must answer three basic economic questions: What should we produce? How should we produce it? For whom should we produce it? Click to see full answer. In this way, what are 3 questions all economic systems must answer? Because ALL economic resources are scarce,…
In order to meet the needs of its people, every society must answer three basic economic questions: What should we produce? How should we produce it? For whom should we produce it? Click to see full answer. In this way, what are 3 questions all economic systems must answer? Because ALL economic resources are scarce, every society must answer three questions: What goods and services should be produced? How should these goods and services be produced? Who consumes these goods and services? Also Know, what set of questions do all economic systems have to answer quizlet? 1) What goods and services should be produced? 2) How should the goods and services be produced? 3) For whom should the goods and services be produced? Likewise, what three questions must all economic systems answer quizlet? Way in which a nation uses its resources to satisfy its people’s needs and wants. What are the 3 basic questions that economic systems must answer? Terms in this set (17) What (and how much) should be produced? How should it be produced? For whom should it be produced? Why mixed economy is the best?A mixed economy has all the advantages of a market economy. First, it distributes goods and services to where they are most needed. It allows prices to measure supply and demand. Second, it rewards the most efficient producers with the highest profit.
