How different economic systems answer the three basic economic questions?

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What are the three basic economic questions that every society must answer?

- What to produce

- How to produce

- For whom to produce

What is an economic system? and what are four economic systems? Give an example of each

An economic system is the system of production, distribution and consumption of goods and services of an economy

Traditional Economy- Based on traditions and customs

Command Economy- Government officials control everything

Market Economy- Individuals( Buyers& Sellers)

Mixed Economy- has a combination of economic systems


Write a detailed explanation of how each of the four economic systems answers the three basic economic questions?

In a traditional economy the 3 basic economic questions is determined by the older genertation of the society.The command economy government officials/higher authority answer the 3 basic questions. The market economy the buyers and sellers answer the 3 basic questions. The mixed economy is unknown because it's an mix of all of the three economic systems
How does the united states reflect a combination of economic systems?




The United States reflect the market economy because the 3 basic questions is answered by the buyers and sellers and everything is based on supply and demand







The Inuit tribe in Alaska teach their children that they must always do their best at every task. The child begins by observing the adults working on a task. When the time comes for the child to do the task, the task is first divided into smaller tasks. The adults praise the child at each stage the child successfully completes. When all stages have been complete, the child is ready takes full responsibility for the task. What economic system is used by the Inuit? Explain.

This is an tradtioanl economy because it shows that they are being taught by an tradtion or an custom that has  been passed down from generations.


How do market, command and traditional economics systems compare and contrast with each other in terms of profit motive, private ownership, consumer sovereignty, competition and government regulation?
They are all similar due to profit motive. In order for a business to be successful it's bases upon supply and demand upon any business

Explain why Adam Smith would oppose government intervention in a market economy. Give a specific example of why you support Adam Smith’s theories of laissez faire and the ‘invisible hand’ in a market economy and one example of why you would oppose his theory? Explain.

I support Adam Smith theory because what's going to attract people is lower prices