Marke is 22 years old, and has just been offered a job as manager of a clothing store in a nearby mall. Mark is confident he can make a profit for several reasons. He has always been interested in fashion and knows what clothes are popular. He paid his way through college by working at several small stores, and thus picked up practical experience. In addition, Mark studied buying and selling in school. His business courses taught him the basic techniques for running stores profitably. If the store makes enough profit, Mark is sure he will get a large bonus at the end of the year. Basic Economic Questions From what you have read, fill in the chart below with examples that show how each economy would answer the basic economic questions. Economy What type of What and how much should be produced? Who should How should Who should produce what? goods and services be produced? share in what economic is produced? system is described? Mark's:

Marke is 22 years old, and has just been offered a job as manager of a clothing store in a nearby mall. Mark is confident he can make a profit for several reasons. He has always been interested in fashion and knows what clothes are popular. He paid his way through college by working at several small stores, and thus picked up practical experience. In addition, Mark studied buying and selling in school. His business courses taught him the basic techniques for running stores profitably. If the store makes enough profit, Mark is sure he will get a large bonus at the end of the year. Basic Economic Questions From what you have read, fill in the chart below with examples that show how each economy would answer the basic economic questions. Economy What type of What and how much should be produced? Who should How should Who should produce what? goods and services be produced? share in what economic is produced? system is described? Mark's:

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter7: Economies Of Scale And Scope

Section: Chapter Questions

Problem 7.5IP

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