Who Answers The Three Economic Questions In The United States? In a Centrally planned economy, also known as a command economy, the central government controls the factors of production and answers the three basic economic questions for all of society. How are the three economic questions answered in the US? In its purest form, a
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. Which of the
Who Is The Father Of Economics In India? Field Person Epithet EconomicsM.G.Ranade (Mahadev Govind Ranade) Father of Modern Economics Science Homi J. Bhabha Father of Nuclear/Atomic Program Science Vikram Sarabhai Father of Space Program Science A. P. J. Abdul Kalam (Avul Pakir Jainulabdeen Abdul Kalam) Father of Missile Program Who was the father of Indian
Which Of The Following Is Likely To Occur As A Result Of The Fed Decreasing The Money Supply Check All That Apply? Based on the information presented in the video, which of the following is likely to occur as a result of the Fed decreasing the money supply? … Consumers will spend less money, causing
For Whom Are Goods And Services Produced In A Market Economy? In a market economy, the private-sector businesses and consumers decide what they will produce and purchase, with little government intervention. … In a mixed economy both market forces and government decisions determine which goods and services are produced and how they are distributed. Who
How Does The Great Lakes Support For Industrial Development In USA *? Transportation. The Great Lakes and surrounding area is a natural resource of great importance in North America. The region also serves as the focal point of the industrial and agricultural base of the Midwest’s heartland by providing a strong marine transportation system. Where
Who Found Economics? Adam Smith was an 18th-century Scottish economist, philosopher, and author, and is considered the father of modern economics. Who is the founder of economics in India? Summary of the Book It is claimed that Kautilya’s Arthashastra marks the origin of economic thought and that it was written long before Adam Smith was
Who Owns The Factors Of Production In A Command Economy? Under a command economy, governments own the factors of production such as land, capital, and resources, and government officials determine when, where, and how much is produced. Who controls the resources factors of production in a command economy? In a command economy, the government controls
What Roles Do Individuals Play In The Economy? People see themselves primarily as workers and consumers. Our jobs are to work hard and to keep the economy moving through our purchase of goods and services (and occasionally to act as innovative entre- preneurs, creating new products and industries, largely without any contribution from government or
When Way To Measure Economic Growth Is By Using GDP Which Stands For? GDP stands for “Gross Domestic Product” and represents the total monetary value of all final goods and services produced (and sold on the market) within a country during a period of time (typically 1 year). GDP is the most commonly used measure