3 economic questons

-What Goods And Services Should Be Produce?
Should an sparing produce much consumer tidys, which can immediately raise peoples living standards, or couch more resources into, produce more machinery that would enhance the economys production force in the long run?

-How Should These Goods and Services Be Produced?

The next question we face is how to be able to use our stimulate resources and produce more long efficient goods and services. For example should be producing more food in sm every last(predicate)(a)er or larger farms, just for quantity purposes. We always want and need all require land, labor, and capital. Generally, what we expect the market going to do is to restrain maximum use out of resources on tap(predicate).

-Who Consumes These Goods and Services?
It is the question that factors, who gets to advertize the new Mercedes and who can only afford bus or train? Which children will be able to access good education? Society itself must locate how to distribute the available goods and services. Most country distributes their wealth into a system, in which both(prenominal) poor and rich gets even or fair amount.

ascendancy economies are a centrally planned economy in which a certain or central authority is to decide how to answer all three key economic questions.



call for economies determine the production for all the sectors of economy. Then, the distribution


of income and command economy determines how to distribute wages to the workers. Also, it sells or sometimes plans a long-term growth for their economy. The government has a central authority that decides and determines all decisions that are made and unlike Market delivery, the emphasis is on centralization.

Individuals who base it on trade or exchange assess make market Economy. In which every single individualist decides what gets made and how, and who also consumes the goods and services they produce. An example of Market Economy or Free Market Economy is capitalism. A handed-down economy is an economic system...If you want to get a liberal essay, order it on our website: Orderessay



If you want to get a full essay, wisit our page: write my essay .