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23 Nov 2019

How A Society Allocates Its Scarce Resources?

The three types of economic systems are Market Economy, Planned or Controlled Economy, and Mixed Economy. How does each handle the issue of Scarcity? How does each system answer What, How, and For Whom questions?

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Keith Leannon
Keith LeannonLv2
3 Jun 2019
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Related questions

Economics is the study of how society chooses to allocate its scarce resources. In a mixed economy, elements of both central planning and market resource allocation are used in allocating productive resources. The United States economy is a mixed economy, with a bias towards market allocation of resources. This means most resources are allocated in the private sector by means of markets. Discuss whether you favor a larger or smaller role of government in the economy. Refer to concepts found in the reading to support your opinion.

In your own words, discuss each type of economy and its benefit for economic growth.

(Please consider the questions below when answering.)

What is economics?

How does capitalism create a climate for economic growth?

What is the gross domestic product (GDP)?

What are the pros and cons of a mixed economy?

The economic system that answers the What, How, and For Whom questions using prices determined by the interaction of supply and demand is a:

a. traditional economy.
b. command economy
c. market economy.
d. soviet economy.

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