What is the basic economic problem that societies must solve?(1 point)
Responses
1. How will the goods and services be produced?
2.How to allocate resources in order to best satisfy the needs and wants of people.
3. What goods and services should be produced?
4. Who will consume the goods and services?
5 answers
2. How to allocate resources in order to best satisfy the needs and wants of people.
In which economic system are price signals, resulting from supply and demand forces, the only determining factor for the goods and services that the economy produces?(1 point)
a mixed economy
a market economy
a command economy
a traditional economy
a mixed economy
a market economy
a command economy
a traditional economy
a market economy
How do property rights influence the exchange of goods and services in the market?(1 point)
Property rights prevent producers from exhibiting profit-seeking behavior.
Property rights prevent market failures from arising in an economy.
Property rights determine ownership of resources among businesses, individuals, and governments.
Property rights allow consumers' wants and needs to control the output of producers.
Property rights prevent producers from exhibiting profit-seeking behavior.
Property rights prevent market failures from arising in an economy.
Property rights determine ownership of resources among businesses, individuals, and governments.
Property rights allow consumers' wants and needs to control the output of producers.
Property rights determine ownership of resources among businesses, individuals, and governments.
1 answer