Economic Systems. The Three Economic Questions And The Four Economic Systems. Every society must answer three economic questions :. What goods and services should be produced? How should these goods and services be produced? Who consumes these goods and services? . Four Economic Systems.
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The Three Economic Questions
The Four Economic Systems
Basic economic questions of what, how and for whom to produce are answered: by a central planning authority.
Centrally planned economies face problems of poor-quality goods, shortages, and diminishing production.
Buyers and Sellers: Dollars “Vote”
The Basic economic questions are answered: by having buyers and sellers make economic decisions.
The basic economic questions are answered: by combining traditional, state-run, and private enterprises.
United StatesThe degree of government involvement in the economy varies among nations, and can affect its society.