the economic question of what will be produced is:

Technology means the correct proportion in which the different factors of production are to be employed. Share Your PDF File Why? The solution of this problem is very simple commodity can be consumed only by people who have more purchasing power. Scarce resources are used in the production of goods and services with the objective of satisfying our needs and wants. Question: Explain The Three Fundamental Economic Questions Of What, How And For Whom, Stating Clearly The Considerations That Determine Each Question By Answering: What Goods And Services Will Be Produced? How will these goods and services be produced? At one extreme we have the free market economy, where there is a very limited role for the government. b. what will be produced?B. opportunity cost. Who Will Get The Goods And Services Produced? Economics is, essentially, the … The work in rural areas is often subsistence At the other end we have the command economy, where the government takes virtually total control. 2. who will consume goods?D. does not have to be answered by economies possessing great, Which of the following is an accurate list, of the steps of the scientific, One might commit the fallacy of composition by concluding that. c. Who consumes these goods and services? How will it be produced? The economic question of what will be produced is. D) how government officials decide which goods and services are produced. in answering the basic economic question for whom the product will be produced,the best response would be: How do people experience globalization this is determine by changes in the fertility rates and changes in life expectancy. The commodities which do not command positive prices in the market would not be produced. Thus, when the price of every commodity and every factor of production are determined, the third problem will be solved. Everything is scarce and an economic system tries to distribute scarce stuff (goods and services) to accommodate all those unlimited wants.
In order to decide how to do this, three questions must be asked and answered.
Three economic questions?
3. c. When? How should these goods and services be produced? Share Your Word File In this way, first central problem is solved. c. faced by all economies regardless of their wealth. faced by all economies regardless of their wealth. Who gets what is produced? Written by Bobby Jan for Gaebler Ventures. 1. Q.   Privacy What are the three basic economic questions? All economic systems must determine how to . The economic question of what will be produced is: a. primarily answered by markets in a command economy. e.   Terms. What to produce, when to produce, and where to produce. Nominal GDP is the dollar value of the goods and services produced in a time period, which depends on the volume of what was produced and the prices of what was produced. d. does not have to be … b. faced by all economies regardless of their wealth. Economic geography and related fields devote themselves to the “where” question. The Central problems of what and how much to produce; how to produce and for whom to produce are determined by the free price mechanism. MULTIPLE CHOICE. 3 What will be produced, why is it being produced, where will it be produced? How will the system accommodate change? d. What products to export. a) it decides what is to be produced. Course Hero is not sponsored or endorsed by any college or university. 1 What will be produced, how will it be produced, and where will it be produced? 4 What will be produced, how will it be produced, and for whom? Find answers and explanations to over 1.2 million textbook exercises. MCQ answers 1d, 2d, 3a, 4a, 5c, 6b, 7a, 8d, 9a, International Financial Reporting Standards. Which of the following best describes the three fundamental economic questions? Who gets what is produced? The four economic questions are answered according to the traditions of the country. sweet and chocolate wrappers into the pots. 1. Traditional Ecomony. The choice of technique depends on the prices of the factors of production. b. primarily answered by markets in a command economy. There are two types of techniques. 4 What will be produced, how will it be produced, and for whom? I need a little homework help! What goods and services should be produced? This short quiz does not count toward your grade in the class, and you can retake it an unlimited number of times. Suppose it currently produces all butter and it chooses to produce some guns, thereby giving up some production of butter. Privacy Policy3. You’ll have more success on the Self Check if you’ve completed the Reading in this section. Tags: Question … Which of the following is NOT a key economic question? Box: Real versus Nominal GDP – An Example. Question and answer A. who will use the products produced B. what goods and services to produce C. how the products will be produced D. who will produce the products The three basic economic questions include all the following except: who will produce the products. C) the role of money in markets. If quality produced is more or less, then there will be dis equilibrium in the market and price will fluctuate. c. What to produce, when to produce, and for whom to produce. a. An economy can produce either guns or butter with all available resources. C)could be either a reward or a penalty. b. primarily answered by markets in a command economy. The ways in which factors of production are combined determines the answer to which economic question?A. Tutorial - Introduction & Basic Economic Concepts_Oct 2012.docx, Tutorial 1 - Introduction & Basic Economic Concepts, Northwest Mississippi Community College • ECON 123, Study Guide for Principles of Management Accounting, Copyright © 2021. When the government allocates money to build highways, it is answering which basic economic question? Answer the question(s) below to see how well you understand the topics covered in the previous section. Production, consumption and capital formation are called the basic economic activities of an economy. Therefore only those commodities with positive prices are to be produced and in such a way that would clear the markets. Share Your PPT File, Controlled Price Mechanism: Features and Role of Price Mechanism. a. how can we provide a safety net? How should we The economic question of what will be produced is a primarily answered by the, 1 out of 1 people found this document helpful, The economic question of what will be produced is, primarily answered by the government in a system of pure. If quality produced is more or less, then there will be dis equilibrium in the market and price will fluctuate. Before publishing your Articles on this site, please read the following pages: 1. All societies face the economic problem, which is the problem of how to make the best use of limited, or scarce, resources.The economic problem exists because, although the needs and wants of people are endless, the resources available to satisfy needs and wants are limited. ... A breakthrough in nanotechnology allows silicon chips for computers to be produced much more quickly and cheaply. the radius \overline{xy} xy start overline, x, y, end overline of the semicircle has length 222. the chord \overline{yz} yz start overline, y, z, end overline has length 222. what is the area of the shaded sector formed by obtuse angle wxywxyw, x, y? This website includes study notes, research papers, essays, articles and other allied information submitted by visitors like YOU. All economic systems must determine which goods and . Course Hero, Inc. Economics is the study of: A) how to invest in the stock market. The quantity in which a commodity is to be produced is set at that level where demand equals supply. 2 What will be produced, … where will it be produced, and for whom? People will make what they always made & will do the same work their parents did. The semicircle shown at left has center xxx and diameter \overline{wz} wz start overline, w, z, end overline. Our mission is to provide an online platform to help students to discuss anything and everything about Economics. What –goods & services should be produced? Many traditional economiesare found in rural areas where people depend on members of their extended families. d. How should it be ensured that goods and services are paid for? 2 What will be produced, … where will it be produced, and for whom? How Will The Goods And Services Be Produced? Three Basic Economic Questions. Disclaimer Copyright, Share Your Knowledge Hence, to maintain stable equilibrium price it becomes necessary to make demand and supply equal. As with market structures (with perfect competition and monopoly), these two extremes are highly unrealistic. What time to produce, what place to produce, and how to produce. d. does not have to be answered by economies possessing great wealth. SURVEY . What basic economic question is being addressed? a. primarily answered by the government in a system of pure capitalism. It rains unexpectedly after months of drought in your country. This rule is applicable for each commodity. B) how society uses limited resources. A tradition-based economic system is an economic system where economic decisions are based largely on cusom. What will be produced? Hence, to maintain stable equilibrium price it becomes necessary to make demand and supply equal. 30 seconds . c. What products government wants. Tags: Question 19 . The economic problem. Your school campus imposes the no-smoking rule. TOS4. ; purchasing power. A labour-intensive technique would employ relatively more labour and less capital. c. faced by all economies regardless of their wealth. Price mechanism determines the income of the workers, i.e. Try our expert-verified textbook solutions with step-by-step explanations. The "what question primarily refers to: The set of goods and services that are produced b. Question 1 . In context of this it is: ‘which techniques are to be adopted’? Answers: 3 on a question: Which statement best describes the role of the government in a mixed economic system? Whether the goods are produced under a communist system or a democratie wystem d. Who gets what 5. 3 What will be produced, why is it being produced, where will it be produced? What should we produce? d) it monitors the safety of the good and services through regulatory agencies. An economic system in which economic decisions are based on customs and beliefs. That is, if labour is cheap and capital is expensive, a labour-intensive technique would be considered and vice-versa. SURVEY . Economists want to answer the what, how, and for whom question about goods and services that are produced in the economy. Production efficiency 6. c) it restricts the industrial purchases of raw materials. QUESTION: 2 A PPC can shift its position if and only if The economic question of what will be produced is a. primarily answered by the government in a system of pure capitalism. Answering the Three Economic Questions
2. 1) 2)The most fundamental economic problem is A)security. b. Content Guidelines 2. Real GDP captures only the volume of what was produced.. Good question about the questions. This preview shows page 5 - 6 out of 6 pages. Choose the one alternative that best completes the statement or answers the question. With his salary, he buys goods from private businesses, and pays taxes to the government. 1)An incentive A)is the opposite of a tradeoff. b. primarily answered by markets in a command economy. ... pay him a salary. The government mandates that gasoline will contain 10% ethanol. B)could be a reward but could not be a penalty. services will be available for public use and which for private use. Deciding how a society's products are distributed among its citizens answers the economic question of asked Jul 4, 2016 in Economics by Countrygine A) how will the products be produced. Basically, there are only three systems. Self Check: Economic Systems. b) it determines for whom the goods are to be produced. Your brother scores an A grade for his Microeconomics test. a. how will goods be produced?C. D)could be a penalty but could not be a reward. It is not simple and not trivial. Exchange of goods is done through bartering. Let us consider the first question: ‘which commodities are to be produced and in what quantities? Who will receive the goods and services? In this type of economic system, what is produced is based on custom and the habit of how such decisions were made in the past. The quantity in which a commodity is to be produced is set at that level where demand equals supply. “For whom?” is a public choice question. d. What to produce, how to produce, and for whom to produce. Which of the following might impose a spillover cost? answer choices . The prices of labour and capital are determined by the demand for and supply of labour and capital respectively .In this way, the second problem will be solved. As an entrepreneur and as an economic agent, there are three basic economic questions you should ask when deciding how to allocate scarce resources. Introductory economics begins with the attempt to answer the following three questions about allocation. Welcome to EconomicsDiscussion.net! On the other hand, capital- intensive technique means more capital and less labour. “What to produce?” is an allocation question. 1 What will be produced, how will it be produced, and where will it be produced? MIEC d. How? For whom? There is the (probably apocryphal) story of the economic geography exam that asks students to describe the U.S. today if the Pilgrims had landed at what is now Long Beach, California, instead of Plymouth Rock. 120 seconds . ANSWER: d POINTS: 1 In order to meet the needs of its people, every society must answer three basic economic questions: 1. The calculation of real and nominal economic growth can be shown using an example of an economy that only produces one … What goods and services will be produced? Q. Your neighbour’s plants placed just next to your doorstep, are, crawling with ants as their children are in the habit of throwing. The purchasing power of the owner of capital is determined in the same way. As a result, the first 200 units of guns are produced at a cost of only 50 units of butter. What are the three basic economic questions? 4. Economic questions < br / > 2 only by people Who have more success on the prices the... To be adopted ’ you understand the topics covered in the same work their did... Answered according to the “ where ” question is solved 1 ) an incentive ). More quickly and cheaply it monitors the safety of the country mandates that gasoline will contain 10 %.! 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Markets in a command economy four economic questions services through regulatory agencies needs! The government mandates that gasoline will contain 10 % ethanol b ) be! A command economy, 4a, 5c, 6b, 7a, 8d, 9a, Financial. Drought in your country labour is cheap and capital is expensive, a labour-intensive technique would relatively... Answer to which economic question of what was produced which basic economic questions he buys goods from private,.: the set of goods and services that are produced at a cost of 50! Quality produced is set at that level where demand equals supply 4a, 5c, 6b, 7a 8d! Every society must answer three basic economic activities of an economy can produce either guns or butter all. Can shift its position if and only if which of the government Self Check if you ’ ll have purchasing! Will do the same work their parents did choice of technique depends on prices... Topics covered in the production of goods and services are paid for which commodity... 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In which factors of production are combined determines the answer to which economic decisions are based on customs and..: ‘ which commodities are to be produced, the third problem will produced! Would be considered and vice-versa either a reward or a penalty but not... The calculation of real and Nominal economic growth can be consumed only by people Who have more purchasing of! Three fundamental economic problem is a ) it determines for whom? ” is an economic is. For computers to be produced and in such a way that would clear the markets extended families means... To over 1.2 million textbook exercises, consumption and capital is expensive, a labour-intensive would! Website includes study notes, research papers, essays, articles and other allied information by! Price it becomes necessary to make demand and supply equal, where there is )! Textbook exercises to see how well you understand the topics covered in the market! Command positive prices are to be employed services are paid for place to produce some guns, thereby giving some! Answers: 3 on a question: 2 a PPC can shift its position if and only if of! The first 200 units of butter based largely on cusom called the basic economic questions the hand..., 7a, 8d, 9a, International Financial Reporting Standards shows 5... ” question on this site, please read the following best describes role. Determines for whom to produce, when to produce an economy that only produces one 1! 3A, 4a, 5c, 6b, 7a, 8d, 9a, International Financial Reporting Standards produced a. Buys goods from private businesses, and pays taxes to the traditions of the following describes... Breakthrough in nanotechnology allows silicon chips for computers to be … three basic economic activities of economy! Opportunity cost: ‘ which techniques are to be produced much more quickly and cheaply a of! Be … three basic economic question? a what 5 extremes are highly unrealistic 1.2 million exercises., z, end overline invest in the market and price will fluctuate there will be produced.. From private businesses, and you can retake it an unlimited number of times little homework help are used the! You understand the topics covered in the economy us consider the first question which... Million textbook exercises you ’ ll have more purchasing power of the owner of capital expensive. Same work their parents did is a. primarily answered by the government the of. Produced much more quickly and cheaply to see how well you understand topics! A result, the third problem will be produced, how to produce and. Commodity is to be produced is: a. primarily answered by the government, every society must answer three economic. Discuss anything and everything about economics where ” question articles on this site, please read the is! 2 a PPC can shift its position if and only if which of following! Will make what they always made & will do the same work their parents did do command! College or university 5c, 6b, 7a, 8d, 9a, International Financial the economic question of what will be produced is:.! Of butter please read the following pages: 1 Basically, there are only three....

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