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 coantythe centrally planned economic systeIn a plannedthe economiwhom to preplanned eceorganised and how businesses operate.learn about: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 and(21.2.(3(33.4.services provided. Give one advantage and one disadvantage of this type(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)

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Answered: Activity 2.1 Define an economic system…

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Activity 2.1 Define an economic system 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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Question

economic system influences the way in which a country's economic activities
A country's economic system dictates how resources are allocated, what goods a
services are produced, and how these goods and services are produced. A coanty
the centrally planned economic syste
In a planned
the economi
whom to pre
planned ece
organised and how businesses operate.
learn about:
Three main economic systems are use
advantages
throughout the world. They are;
Origins
The conce
the free market economic system
receive m
the mixed economic system.
proposed
factors o
The roles of the government, entreprene
the goo
and labour are different in each of the
economic systems. In the units that follo
vou will learn more about the origins ana
After th
impler
even
characteristics of these three economic
we km
centr
systems.
econ
of a country dictates what goods are produced.
Ch.
The
Activity 2.1 Define an economic system
Explain the economic problem of scarcity.
Identify three economic questions that have to be answered as a result of
the economic problem.
Explain, in your own words, an economic system.
Imagine living in a country where the government makes all decisions
about what will be produced and who will consume the goods and
(2
1.
2.
(3
(3
3.
4.
services provided. Give one advantage and one disadvantage of this type
(2)
of economic system.
Imagine living in a country where the only goods and services provided are
produced by private individuals seeking to make profits. Give one advantage
and one disadvantage of this type of economic system.
5.
(2)

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Macroeconomics examines economies on a large scale, while microeconomics scale. E examines economic activity on a relatively small