Guided Reading Activity Economic Systems Lesson 1 Answer Key Form
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People also ask guided reading activity lesson 1
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Who answers the basic economic questions in a society with a command economy?
In command economies, the government controls the factors of production and answers the 3 economic questions of what, how and for whom to produce for all of society. Command economies often associated with socialism, communism and authoritarianism.
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How does a free market system answer the three fundamental questions of economics?
Answer and Explanation: The answers to the fundamental economic questions depend on the economic system. In a free-market economic system, private firms decide what to produce, how to produce it, and how much to produce. Firms will produce goods and services based on what they think consumers will want to purchase.
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What are the answers to the 3 economic questions?
An economic system is any system of allocating scarce resources. Economic systems answer three basic questions: what will be produced, how will it be produced, and how will the output society produces be distributed?
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What is economics answers?
Economics is the study of scarcity and its implications for the use of resources, production of goods and services, growth of production and welfare over time, and a great variety of other complex issues of vital concern to society.
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What is and economy in which the government answers the key economic questions?
In a centrally planned economy (also known as a command economy), the government, rather than individual producers and consumers, answer the key economic questions.
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What are the three 3 questions to be answered in order to solve the basic economic problem?
Due to the basic economic problem, three questions arise. These are What, How and for whom. Any given society/country must decide how it will answer these questions. In other words, any given society must choose an economic system/market system, or rather the right mix of these.
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What are the types of economic systems Lesson 1?
The 4 main types of economic systems are traditional economies, command economies, market economies, and mixed economies.
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What are the three key economic questions Lesson 1?
The Three Key Economic Question are: What goods and services should be produced? How should these goods and services be produced? Who consumes these goods and services?
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