Who answers the three economic questions in a traditional economy

Asked by admin @ 26/11/2021 in History viewed by 297 People

There are three basic economic systems: traditional economies, command economies, and market economies. For EACH economy describe how the three basic economic questions are answered:

1. What should be produced?
2. How should it be produced?
3. For whom should it be produced?
You must use complete sentences when writing your response.

Answered by admin @ 26/11/2021

Traditional Economies

What should be produced? In this kind of economic system, what is produced is based on custom and the habit of how such decisions were made in the past.

How should it be produced? The methods of production are primitive. Bartering, or a
system of trading in goods and services, replaces currency in a traditional economy.

For whom should it be produced? The primary group for whom goods and services are produced in a traditional economy is the tribe or family group.

Command Economies

What should be produced? 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.

How should it be produced? In a command economy, no one can start

their own business. The government determines how and where the goods

produced would be sold.

For whom should it be produced? In a command economy, the government determines how the goods and services are distributed.

Market Economies

What should be produced? In a market economy, the wants of these consumers and the profit motive of the producers will decide what will be produced.

How should it be produced? Labor (the workers) and management (the
bosses/owners) together will determine how goods will be produced in a market economy.

For whom should it be produced? In a market economy, each production resource is paid based on what is contributed to the production of goods and services.

Write two paragraphs to compare and contrast the narrators’ schools and explain how their schools shape their perspectives toward the hijab. cite evidence from the text to support your ideas.

Asked by evette57 @ 13/09/2022 in History viewed by 1691 persons

Who answers the three economic questions in a traditional economy

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