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1. What are the 3 basic economic questions?

-what to produce

-how to produce it

-who to produce it for

2. What do they help societies decide?

these 3 questions help society determine what items and supplies should be provided who to sell them to, And where you can receive them from.

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Differences/Advantages and Disadvantages of each system

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Differences/Advantages and Disadvantages of each system

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1. Mixed Economy-

Advantage-efficient production and allocation of resources as well as improvement of social welfare

Disadvantage-price controls can cause shortages in supply and the government needs to take extra actions to stimulate production

2. Command Economy-

Advantage-low or non-existent unemployment, speed in decision-making, equality amongst citizens, and a focus on the worker as opposed to profits

Disadvantage-lack of efficient resource allocation, lack of innovation, and the needs or preferences of society may be ignored due to poor planning

3. Market Economy-

Advantage-increased efficiency, production, and innovation

4. Disadvantages-include monopolies, no government intervention, poor working conditions, and unemployment.

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Economics:

The branch of knowledge concerned with the production, consumption, and transfer of wealth.

Economic Systems:

The different types of economies utilized throughout different governments.

Factors of Production:

The different variables that affect what companies produce, ranging from what they think they should produce to what they have the resources to produce.

Price:

The physical cost of goods and services as decided by the company.

Supply:

The amount of a good that a company has on hand.

Demand:

The public "want" of a good or a service.

Equilibrium Price:

This is when the quantity of a good that is demanded by the people is equal to the supply that the company can give.

Market Economy:

An economy decided for the people, SOLELY by the people. They decide what to produce, what not to, and everything in between.

Command Economy:

A command economy is an economy controlled solely by the government. The government decides what to produce, what resources to use, and who to produce things for.

Mixed Economy:

A mixed economy is the most common type of economy, it takes input from both the people AND the government. They both decide different aspects of what to make, what not to make, and what to use.

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Mixed Economy- Vietnam, Norway, Singapore, and France

Command Economy- Cuba, North Korea, and the former Soviet Union

Market Economy- The United States, The United Kingdom, Japan, and Germany

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-As demand for a good or product increases, the price will rise and the quantity supplied will increase in response, The price at which demand matches supply is the equilibrium, the point at which the market clears.

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1. How does a market system decide what will be produced?

-The Market System is influenced by the pressures of competition, supply, and demand

2. In a market system, what determines how many goods and services an individual can buy?

-In a Market System something that determines how many goods and services can be bought is by ones income, mostly generated by working

3. Some nations can produce more goods with fewer workers than other countries that have more workers. How can that be true?

-More technology is used in the country with fewer workers, increasing worker productivity and therefore producing mroe goods