economic system influences the way in which a country's economic activitiesA country's economic system dictates how resources are allocated, what goods aservices are produced, and how these goods and services are produced. A coaneythe centrally planned economic systeIn a plannedthe economiwhom to preplanned ecelearn aboutorganised and how businesses operate.Three main economic systems are useadvantagesthroughout the world. They are:OriginsThe concethe free market economic systemreceive mthe mixed economic system.proposedfactors oThe roles of the government, entreprenethe gooand labour are different in each of theeconomic systems. In the units that follovou will learn more about the origins anaAfter thimplerevencharacteristics of these three economicwe kmcentrsystems.econof a country dictates what goods are produced.Ch.TheActivity 2.1 Define an economic systemExplain the economic problem of scarcity.Identify three economic questions that have to be answered as a result ofthe economic problem.Explain, in your own words, an economic system.Imagine living in a country where the government makes all decisionsabout what will be produced and who will consume the goods andservices provided. Give one advantage and one disadvantage of this type(21.2.(3(33.4.(2)of economic system.Imagine living in a country where the only goods and services provided areproduced by private individuals seeking to make profits. Give one advantageand one disadvantage of this type of economic system.5.(2)

Scarcity refers to a situation in which there is a shortage of desired goods. Normal…

Answered: 1. Explain the economic problem of…

Business

Economics

1. Explain the economic problem of scarcity.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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