do task 2 • key differences between needs and wants• importance of the factors of productionTask 2: State of the World EconomyPerform online research and write a short essay on the state of the world's economy. Be sure toinclude the following points in your essay:comparison of the US economic system with other economic systemsthe ways in which Asian economies have changed the global trade scenario in the last ten yearsType your response here: Three basic questions answered by the economy are:What kind of goods should be produced using scarce resources?What resources should be used to produce the required goods?It helps to understand who are the owners of the goods produced?The key differences between needs and wants are:Needs: it refers to goods and services that an individual must have.Wants: it refers to goods and services that an individual wishes to have.The importance of factors are:It helps to create utility for the people.

Answered: Task 2: State of the World Economy…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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do task 2

• key differences between needs and wants
• importance of the factors of production
Task 2: State of the World Economy
Perform online research and write a short essay on the state of the world's economy. Be sure to
include the following points in your essay:
comparison of the US economic system with other economic systems
the ways in which Asian economies have changed the global trade scenario in the last ten years
Type your response here: Three basic questions answered by the economy are:
What kind of goods should be produced using scarce resources?
What resources should be used to produce the required goods?
It helps to understand who are the owners of the goods produced?
The key differences between needs and wants are:
Needs: it refers to goods and services that an individual must have.
Wants: it refers to goods and services that an individual wishes to have.
The importance of factors are:
It helps to create utility for the people.

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In present state of world economy is encountering the the recovery phase from the bad and deep impact of the pandemic . Many countries including USA have used fiscal and monetary measures to bring the pre pandemic growth rate of economy . Some of them have achieved and some of them are still struggling .

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