How does each society determines who will consume what is produced?
Each society determines who will consume what is produced based on? its unique combination of social values and goals. Households own the factors of production and consume goods and services.
Why is China said to have a transition economy?
Government has limited role in free enterprise, but has no role in laissez faire. Why is China said to have a transition economy? They are in the process of moving to market based economy. Ownership is transferred from state to private individuals.
What are 3 basic economic questions countries must answer?
Because of scarcity every society or economic system must answer these three (3) basic 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 must happen for a nation’s standard of living to improve?
To improve its standard of living, a nation’s economy must… Grow through innovation. Small, close communities that avoid change and new technology. The ways in which factors of production are combined determines the answer to which economic question?
What is the measure of a country’s wealth?
Gross Domestic Product (GDP)
Which country has more wealth?
List of countries and geographic regions by total wealth (2019)
| Rank | Country/geographic region | Total wealth (billions USD) |
|---|---|---|
| 1 | United States | 105,990 |
| — | Europe | 90,752 |
| — | Asia-Pacific (excluding China and India) | 64,778 |
| 2 | China | 63,827 |
Which country in Africa has strongest army?
South Africa
Which country has the strongest military 2020?
United States