Which Factor Determines Who A Society Will Produce Goods And Services For A? - Fixanswer

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 factor determines what goods and services should be produced?

A command economy is an economic system in which the government, or the central planner, determines what goods and services should be produced, the supply that should be produced, and the price of goods and services.

What does a society use to determine what to produce?

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.

Is a society decides to produce consumer goods from its available resources it is answering the basic economic question?

When society produces the consumer goods from the available resources that are available within it, then the economic question that it is answering is what to produce .

What type of economy is an economic system in which private businesses?

What Is Capitalism ? Capitalism is an economic system in which private individuals or businesses own capital goods. The production of goods and services is based on supply and demand in the general market—known as a market economy—rather than through central planning—known as a planned economy or command economy.

What is the exchange that takes place in the factor market?

Factor markets, also termed resource markets , exchange the services of factors, NOT the factors themselves. For example, the labor services of workers are exchanged through factor markets NOT the actual workers.

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].

Who produces goods and services in a traditional economy?

The primary group for whom goods and services are produced in a traditional economy is the tribe or family group . In a command economy, the central government decides what goods and services will be produced, what wages will be paid to workers, what jobs the workers do, as well as the prices of goods.

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 .

What are the 3 basic economic 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 three basic questions must every society answer and why?

In order to meet the needs of its people, every society must answer three basic economic questions: What should we produce? How should we produce it? For whom should we produce it?

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 ?

How does a socialist society answer the three basic questions of economy?

(1) what to produce, (2) how to produce, and (3) for whom to produce . What is produced? based on custom and the habit of how such decisions were made in the past.

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 the four types of economic systems?

Pure Market Economy.
Pure Command Economy.
Traditional Economy.
Mixed Economy.