How is the basic question what gets answered in a command economy?
In a command economy, what goods and services are produced, how they are produced, and for whom they are produced are all questions answered by government planning. So government owned the land, government owned the businesses, and government even told people what their occupations would be.
How do the four different economic systems answer the basic economic questions?
The four basic economic questions are (1) what goods and services and how much of each to produce, (2) how to produce, (3) for whom to produce, and (4) who owns and controls the factors of production. In a capitalist economy, the first question is answered by consumers as they spend their money.
In which type of economic system are the basic economic questions answered by the government?
command economy
What are the 3 main economic questions?
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 is the most economic indicator?
real GDP
What is not an economic goal?
Answer. Fair remuneration to employees and Planting trees at the roadside are not economic objectives of a business.
What are examples of economic security?
Government economic security programs such as food assistance, housing subsidies, and working-family tax credits — which bolster income, help families afford basic needs, and keep millions of children above the poverty line — also have longer-term benefits, studies find: they help children to do better in school and …
What are the common economic goals of each country?
There are four major economic goals are price stability, economic growth faster than population growth, low unemployment of resources and equitable distribution of income and wealth. Every country, through its government, will endeavour to achieve this economic.
What are the 4 basic economic problems?
Solved Question on Basic Problems Of An Economy Answer: The four basic problems of an economy, which arise from the central problem of scarcity of resources are: What to produce? How to produce? For whom to produce?
What is economic security simple words?
It encompasses the level of income (absolute and relative to needs), assurance of receipt, expectation of current and future income, both during working life and in old age or disability retirement. Labour market security arises when there are ample opportunities for adequate income-earning activities.