To determine how a society will produce goods and services we
must ask how can available resources be used efficiently
, which resources are adequate to produce certain good, and how it will be produced, whether it is by machines or people to maximize the capacity of production.
Which factors determines who a society will produce goods and services for?
Which factor determines who a society will produce goods and services for?
The economic system in the society
.
What are the 3 basic economics questions?
- What to produce? ➢ What should be produced in a world with limited resources? …
- How to produce? ➢ What resources should be used? …
- Who consumes what is produced? ➢ Who acquires the product?
What are the 4 basic economic questions?
The four basic economic questions are
(1) what goods and services and how much of each to produce, (2) how to produce, (3) for whom to produce, and (4) who owns and controls the factors of production
. In a capitalist economy, the first question is answered by consumers as they spend their money.
How do societies decide what to produce how do you produce it and for whom to produce it?
An economic system is the method used by a society to produce and distribute goods and services. Traditional economies rely on
habit, custom, or ritual
to decide what to produce, how to produce it, and to whom to distribute it.
What are the 7 factors of production?
= h [7]. In a similar vein, Factors of production include
Land and other natural resources, Labour, Factory, Building, Machinery, Tools, Raw Materials and Enterprise
[8].
What are the 5 factors of production?
The factors of production are
land, labor, capital, and entrepreneurship
.
What are the 5 economic 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?
What are three goods examples?
- freshwater.
- fish for fishing.
- wildlife to hunt.
- timber from trees.
- wildflowers to pick.
- fresh air.
- park benches.
- coal.
What three basic questions must every society answer?
As a result of scarce resources, societies must answer three key economic questions: –
What goods and services should be produced? – How should these goods and services be produced?
– Who consumes these goods and services?
What are the 4 types of economic systems?
- Pure Market Economy.
- Pure Command Economy.
- Traditional Economy.
- Mixed Economy.
What are the 4 factors of production?
Economists divide the factors of production into four categories:
land, labor, capital, and entrepreneurship
. The first factor of production is land, but this includes any natural resource used to produce goods and services. This includes not just land, but anything that comes from the land.
What are the three basic kinds of economic systems?
There are three main types of economies:
free market, command, and mixed
. The chart below compares free-market and command economies; mixed economies are a combination of the two.
What are the 3 fundamental economic problems?
– The three basic economic problems are regarding the allocation of the resources. These are
what to produce, how to produce, and for whom to produce.
Why are societies faced with the three basic questions of what how and for whom?
Why are societies faced with the three basic questions of WHAT, HOW, and FOR WHOM. Societies are faced with these three basic questions because
of the limited resources we have in the world to produce the items people want but don’t need
. What would happen if one of the factors of production was missing ?
Is food a good or service?
The court held that under the common law the furnishing of food at a restaurant is not a sale but
merely a service
.
