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Economic Problem (3 Economic Questions (How to produce?, For Whom to…
Economic Problem
3 Economic Questions
How
to produce?
For Whom
to produce?
What
to produce?
Economic System
Command Economy
communism
What to produced was the choice of the government
Do not provides all the needs and wants
The Three Questions:
How to produce: Labor
For whom to produce: Everyone
What to produced: basic needs
Market Economy
Mixed Economy
Provides basic needs and wats + variety
Allows to provide luxuries and businesses can make more profit
The three questions:
What to produce: basic needs and wants
How to produce: machines + Labor
For Whom to produce: Everybody
Government + Businesses
NEEDS & WANTS
NEEDS: fundamental
WANTS: desire
Economic Resource