Compare 4 types of economic systems to learn about different types of economies. Explore the definitions of a market economy, command market economy, and more.

Command Economy: A command economy is one in which all the power is with the government. In such a system, the government is the sole owner of factor resources, and decisions are taken by a …

Oct 19, 2022 · All three of the basic economic questions, in a market economy is answered by the market: What to produce: This is determined by what is demanded and what can be supplied (with …

Jan 15, 2025 · Well, honey, Mexico answers the three economic questions like any other country: through a combination of market forces and government intervention. They decide what to produce …

The three basic questions which need to be answered by an economic system are: First: What to produce. This question aims at establishing the... See full answer below.

Compare 4 types of economic systems to learn about different types of economies. Explore the definitions of a market economy, command market economy, and more.

Get help with your Economic system homework. Access the answers to hundreds of Economic system questions that are explained in a way that's easy for you to understand. Can't find the question you're …

There are various basic economic questions. The first is what to produce, i.e., what should be produced in an area with limited resources. Secondly,... See full answer below.

Which of the following is not one of the three fundamental economic questions? a. For whom to produce? b. How to produce? c. What to produce? d. What happens when you add to or subtract …

Aug 22, 2023 · What is the definition of basic economic questions? Basic economic questions all deal with scarcity. These type of questions must be asked so that economic decisions will be made that …