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FrozenT [24]
3 years ago
6

How does a Free Market Economic System answer the 3 questions, What? How? and for Whom

History
1 answer:
ziro4ka [17]3 years ago
6 0

Answer:

What to produce ? Good:(something tangible that one pays to consume)

Consumer goods ( bought and used by consumers)

Capital Goods (used in the production of other goods)

Service (worker or labor that is performed of other goods)

How to produce ? Factors of production/Productive Resources 1. Natural Resource/Land 2. Human Resources 3. Physical capital 4. Entrepreneurship

For whom to Produce ? Countries develop economic systems to determine how to allocate scarce resources

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