Which Of The Following Is A Summary Of The Three Key Economic Questions? (Perfect answer)

Which of the following is a succinct description of the three most important economic issues? -Which goods and services will be purchased by whom, and at what price will they be paid? – What commodities and services should be produced, how should they be produced, and for whom should they be provided? What method will be used to manufacture the goods?

What is a summary of the three economic questions?

A method of allocating limited resources is referred to as an economic system. Economic systems provide answers to three fundamental issues: what will be produced, how will it be produced, and how will the output that society generates be distributed. Economic systems address these questions in three ways. There are two extremes in the manner in which these concerns are addressed.

What are the key three economic questions?

The three fundamental economic questions that civilizations pose are as follows: (1) What should be produced? (2) How much should be produced? (2) What is the best method of production? (3) For whom are the products being created? A free market is an economic system that regulates itself and is fueled by individuals acting in their own self-interest.

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What are the three key economic questions quizlet?

The Three Key Economic Questions are: What commodities and services should be produced? How much of each should be produced? What methods should be used to manufacture these goods and services? Who is the target market for these goods and services?

How do you answer the three basic economic questions?

Every civilization, in order to fulfill the demands of its citizens, must answer three fundamental economic problems. These are:

  1. What should we create
  2. how should we produce it
  3. and who should we make it for? Whom should we make it for and why?

How are the 3 economic questions answered in a mixed economy?

When it comes to answering the three fundamental economic issues, a mixed economy incorporates components of the traditional, market, and command economies into its design. Because each country’s economy is a unique combination of these three economic models, economists categorize nations according to the degree to which the government has power over the economy.

What are the 3 types of economic systems?

Economies may be divided into three categories: free market economies; command economies; and mixed economies. Mixed economies are a hybrid of free-market and command economies, as seen in the chart below. Individuals and corporations make economic decisions on their own behalf. The state’s central government is in charge of all economic decisions for the entire country.

What are the three basic economic systems?

Traditional economic systems, command economic systems, and market economic systems have all existed historically, with the former being the most prevalent.

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Who answers the three economic questions in a market economy?

Individual producers and consumers are responsible for providing the answers to the three fundamental economic issues. In a market economy, who is responsible for answering the three fundamental economic questions? Producers and consumers on an individual basis. Profit motivation, economic competitiveness, and supply and demand dynamics are all relied upon.

Why are the three economic questions important quizlet?

When the demand for goods and services exceeds the supply of accessible resources, we must address the three fundamental economic issues (what and how much g/s to create, how will they be produced, and for whom will they be produced) as a matter of urgency.

Which of these is a basic economic question?

Production of goods and services and the amount of each to be produced are the four fundamental economic questions: (1) what goods and services should be produced and how much of each should be produced; (2) how to produce; (3) for whom should the goods and services be produced; and (4) who controls the factors of production.

Who answers the three basic economic questions the what how and for whom in a command economy and who answers these questions in a market economy?

It is government planning that determines what commodities and services are manufactured, how they are manufactured, and for whom they are manufactured in a command economy. Economic choices are made by the government for the benefit of the entire society.

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