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Foundations of Business - Standalo...

4th Edition
William M. Pride + 2 others
ISBN: 9781285193946

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BuyFindarrow_forward

Foundations of Business - Standalo...

4th Edition
William M. Pride + 2 others
ISBN: 9781285193946
Textbook Problem

Does an individual consumer really have a voice in answering the basic four economic question?

Summary Introduction

To Discuss: Whether different customers actually have voice in responding the basic four economic questions.

Introduction: A mixed economy comprises of both privately owned businesses and government or state owned entities. Both have authority of owning, producing, trading products in the nation. A capitalist economy is combined generation and utilization of goods and services when privately owned businesses claim the manufacturing factors and contract laborers to play out the primary tasks of the organizations.

Explanation

The four basic economic questions and how they are answered in a capitalist economy are as follows:

  1. 1) What goods and services and the amount of each to create? It is answered by customers as they spend their cash.
  2. 2) How the goods and services are produced? It is answered by makers as they seek deals and profits.
  3. 3) For whom goods and services are produced? It is answered by the individuals who have the cash to purchase the good.
  4. 4) Who possesses and controls the variables of production? It is answered by who gives the land and regular assets, work, capital, as well as business enterprise...

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