Scenario 2: Maritza is 19 years old and recently graduated from high school. Like Mark, she would like to work in a clothing store. Martiza believes that she can work well with customers and has always been interested in fashion. However, she needs some special training to realize her goal. To get the training, Maritza must apply to the government, which decides what training is available and who will be trained. The government sets production quotas for the clothing industry. In fact, Maritza's present job is a state position that requires her to figure out how much of each type of clothing the stores in her town will need in the coming year. Forms from all towns are sent to the central planning committee, which then tells the factory managers how much and what to manufacture. If cloth or metal for snaps and zippers are needed for defense or export purposes, shortages may develop. 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 and how Who should How should goods and services be Who should What type of much should produce what? share in what economic be produced? is produced? system is described? produced? Martiza:
Scenario 2: Maritza is 19 years old and recently graduated from high school. Like Mark, she would like to work in a clothing store. Martiza believes that she can work well with customers and has always been interested in fashion. However, she needs some special training to realize her goal. To get the training, Maritza must apply to the government, which decides what training is available and who will be trained. The government sets production quotas for the clothing industry. In fact, Maritza's present job is a state position that requires her to figure out how much of each type of clothing the stores in her town will need in the coming year. Forms from all towns are sent to the central planning committee, which then tells the factory managers how much and what to manufacture. If cloth or metal for snaps and zippers are needed for defense or export purposes, shortages may develop. 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 and how Who should How should goods and services be Who should What type of much should produce what? share in what economic be produced? is produced? system is described? produced? Martiza:
Macroeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506756
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter2: Some Tools Of The Economist
Section: Chapter Questions
Problem 14CQ
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Question
Transcribed Image Text:Scenario 2:
Maritza is 19 years old and recently graduated from high school. Like Mark, she would like to work in a clothing
store. Martiza believes that she can work well with customers and has always been interested in fashion.
However, she needs some special training to realize her goal. To get the training, Maritza must apply to the
government, which decides what training is available and who will be trained.
The government sets production quotas for the clothing industry. In fact, Maritza's present job is a state position
that requires her to figure out how much of each type of clothing the stores in her town will need in the coming
year. Forms from all towns are sent to the central planning committee, which then tells the factory managers how
much and what to manufacture. If cloth or metal for snaps and zippers are needed for defense or export
purposes, shortages may develop.
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 and how
much should
be produced?
Who should
How should
Who should
produce what? goods and
What type of
economic
share in what
services be
is produced?
system is
described?
produced?
Martiza:
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