Answer:
An economic system is any system of allocating scarce resources. Economic systems answer three basic questions: what will be produced, how will it be produced, and how will the output society produces be distributed?
There are two extremes of how these questions get answered. In command economies, decisions about both allocation of resources and allocation of production and consumption are decided by the government. In market economies, there is private ownership of resources—established though property rights—and the factors of production and consumption are all coordinated through markets. In a market system, resources are allocated to their most productive use through prices that are determined in markets. These prices act as a signal for buyers and sellers. Most economies are mixed economies that lie between these two extremes.
In either system, a rational agent would allocate resources and production using marginal analysis. In command economies, this is more difficult to do because without markets, prices fail at being an effective signal.
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The most important factor in improving reading skill is to create goals for your reading. This includes the determination of why you are reading something. A goal could be something like finding the main idea about a reading topic or locating the supporting details for that topic.
1.farming, 2.hunting, 3.ironworking
They were farmers and herders but also had ironworking skills. They were mostly inland so they didn't fish much or travel by sea.
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False it can be but it doesn't absolutely have to be
Our best estimate for the age of the universe is based on what we currently know about the universe's history is 13.772 billion years.
<h3>How to calculate the age of the universe?</h3>
There are two methods by which the scientists calculate the age of the universe:
By searching for the oldest stars
By calculating the rate of expansion of the universe and generalizing back to the Big Bang Theory.
Thus, Our best estimate for the age of the universe is 13.772 billion years.
Learn more about the age of the universe
brainly.com/question/14454625
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