Asked by Hailey Horner on May 14, 2024
Verified
The economic question of what will be produced is:
A) primarily answered by the government in a system of pure capitalism.
B) primarily answered by markets in a command economy.
C) faced by all economies regardless of their wealth.
D) does not have to be answered by economies possessing great wealth.
E) cannot be illustrated by the economic concept of the production possibilities frontier.
Pure Capitalism
An economic system characterized by the private ownership of resources and the use of prices to coordinate economic activity in unregulated markets.
Economic Question
A query that addresses how to allocate scarce resources to satisfy unlimited wants and needs.
- Identify the economic decisions regarding what, how, and for whom to produce as foundational questions addressed by any economic system.
Verified Answer
NS
Nicolette SidelskyMay 18, 2024
Final Answer :
C
Explanation :
All economies, regardless of their level of wealth or type of economic system, will face the economic question of what to produce. This is a fundamental concept of economics and is a core question that must be answered by any economy.
Learning Objectives
- Identify the economic decisions regarding what, how, and for whom to produce as foundational questions addressed by any economic system.