Sunday, August 29, 2010

How different economic systems answer the three basic economic questions

1. What to produce, how to produce it, and for whom to produce it.

2. The system of production, distribution, and consumption. Market, command, traditional and mixed economies. Market = USA, Command = China, Traditional = Africa, and Mixed = USA

3.

4. The U.S reflects a combination in that people from everywhere live here so they live like how they were taught.

5. Traditional is used by the Inuit because these are there customs that they perform.

6.

7. I support Adam Smiths theory because the government should be a part of companies and buyers and sellers business. I oppose because the government needs to be their to make things fair.