what are the three basic economic questions that all economies must answer?
219584
Every society, regardless of its political structure, must develop an economic system to determine how to use its limited productive resources to answer the three basic economic questions of what, how, and for whom to produce.
639687
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.
535157
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?
299226
['Number of Sellers. ... ', 'Prices of Resources. ... ', 'Taxes and Subsidies. ... ', 'Technology. ... ', "Suppliers' Expectations. ... ", 'Prices of Related Products. ... ', 'Prices of Joint Products.']
131040
the reason why we must answer the three basic economic questions (what and how much g/s to produce, how will they be produced, and for whom will they be produced) occurs when wants are greater than resources available.
381413
In its purest form, a market economy answers the three economic questions by allocating resources and goods through markets, where prices are generated. In its purest form, a command economy answers the three economic questions by making allocation decisions centrally by the government.
279561
['"Why are we doing this?" ... ', '"When bad stuff has happened in the past, did we handle it as a team?" ... ', '"How do our arguments usually pan out?" ... ', '"What do we want for our future?" ... ', '"What do we consider a successful relationship?" ... ', '"Who will pay for what?" ... ', '"How will we communicate about money in the future?"']
382993
Economic systems. 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.
224831
['Inflation. The rate at which the general level of prices for goods and services is rising is known as the inflation rate. ... ', 'Interest rates. ... ', 'Speculation. ... ', 'Balance of payments/current account deficit. ... ', 'Public debt.']
1417312
What is the focus of macroeconomics? a variety of economy-wide phenomena is thoroughly examined such as, inflation, price levels, rate of growth, national income, gross domestic product and changes in unemployment. It focuses on trends in the economy and how the economy moves as a whole.
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The Three Fundamental Economic Questions: What to Produce, How, and for Whom? industrial nation like the United States—must answer three fundamental economic questions. Each society answers these questions differently, depending on its priorities.
1265799
["Market system automatically responds and adjusts to the people's wants.", 'Wider variety of goods and services.', 'Competition pushes businesses to be efficient: keeping costs down and production high.', 'Government does not have to take decisions on basic economic questions.']
244035
['5 Economic Questions. By: Emily McKenzie 8-2 :', 'What goods and services are produced?', 'For whom are goods and services produced? Again, this can vary on the product. ... ', 'How are goods and services distributed? ... ', 'How are goods and services produced? ... ', 'Who Produces goods and services?']
1213383
['Income and population. ... ', 'Costs and technology. ... ', 'Government policy and producer organisations. ... ', 'Weather. ... ', 'Interest rates and the US dollar. ... ', 'Speculation.']
221134
the three basic questions with which a financial manager must be concerned with are capital budgeting, capital structure, and working capital management.
1363450
['Question 1: How can you best support me today? ... ', 'Question 2: What is for my Highest and best good to do today? ... ', 'Question 3: What am I here to learn?']
1210944
[' What is the right time to begin something? Ans: Present Moment.', ' Who is the most important person to listen? Ans: Your companion, with whom you are now.', ' What is the most important job to be done?']