economic system influences the way in which a country's economic activitiesA country's economic system dictates how resources are allocated, what goods aservices are produced, and how these goods and services are produced. A coaneythe centrally planned economic systeIn a plannedthe economiwhom to preplanned ecelearn aboutorganised and how businesses operate.Three main economic systems are useadvantagesthroughout the world. They are:OriginsThe concethe free market economic systemreceive mthe mixed economic system.proposedfactors oThe roles of the government, entreprenethe gooand labour are different in each of theeconomic systems. In the units that follovou will learn more about the origins anaAfter thimplerevencharacteristics of these three economicwe kmcentrsystems.econof a country dictates what goods are produced.Ch.TheActivity 2.1 Define an economic systemExplain the economic problem of scarcity.Identify three economic questions that have to be answered as a result ofthe economic problem.Explain, in your own words, an economic system.Imagine living in a country where the government makes all decisionsabout what will be produced and who will consume the goods andservices provided. Give one advantage and one disadvantage of this type(21.2.(3(33.4.(2)of economic system.Imagine living in a country where the only goods and services provided areproduced by private individuals seeking to make profits. Give one advantageand one disadvantage of this type of economic system.5.(2)

Scarcity refers to a situation in which there is a shortage of desired goods. Normal…

Answered: 1. Explain the economic problem of…

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Economics

1. Explain the economic problem of scarcity.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter1: The Role And Method Of Economics

Section: Chapter Questions

Problem 9P

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Question

economic system influences the way in which a country's economic activities
A country's economic system dictates how resources are allocated, what goods a
services are produced, and how these goods and services are produced. A coaney
the centrally planned economic syste
In a planned
the economi
whom to pre
planned ece
learn about
organised and how businesses operate.
Three main economic systems are use
advantages
throughout the world. They are:
Origins
The conce
the free market economic system
receive m
the mixed economic system.
proposed
factors o
The roles of the government, entreprene
the goo
and labour are different in each of the
economic systems. In the units that follo
vou will learn more about the origins ana
After th
impler
even
characteristics of these three economic
we km
centr
systems.
econ
of a country dictates what goods are produced.
Ch.
The
Activity 2.1 Define an economic system
Explain the economic problem of scarcity.
Identify three economic questions that have to be answered as a result of
the economic problem.
Explain, in your own words, an economic system.
Imagine living in a country where the government makes all decisions
about what will be produced and who will consume the goods and
services provided. Give one advantage and one disadvantage of this type
(2
1.
2.
(3
(3
3.
4.
(2)
of economic system.
Imagine living in a country where the only goods and services provided are
produced by private individuals seeking to make profits. Give one advantage
and one disadvantage of this type of economic system.
5.
(2)

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