WebEach society determines who will consume what is produced based on a) its unique combination of social values and goals. b) the amount of factor payments. c) its needs and wants. d) economic equity. To improve its standard of living, a nation’s economy must a) remain stable. b) grow through innovation. c) reach economic equity. WebSep 25, 2013 · With this broad of an outline, who determines what is “good” for society and how do they do so? Kerry Smith, a Regents’ Professor and W. P. Carey professor of economics, says that consumer sovereignty …

in a market system, the what, how and for whom questions in …

WebEconomics. Economics questions and answers. Three economic questions must be determined in all societies. What are they? a) What is the opportunity cost of production? Does the society have a comparative advantage in production? Will consumers desire the goods being produced? b) What goods will be produced? WebEach society determines who will consume what is produced based on its unique combination of social values and goals. To improve its standard of living, a nation's … china needle punch filter fabric

Each society determines who will consume what is produced

WebEach society determines who will consume what is produced based on a) its unique combination of social values and goals. b) the amount of factor payments. c) its needs … WebCommand Economies (“Communism”) In theory, communism is an economic system based on: (1) a classless society, (2) common ownership of resources, (3) no government, and (4) income distributed according to needs. As practiced in the real world, communism is an economic system based on (1) government ownership--government ownership and … Webb. What goods will be produced? c. Who will produce the goods? Who will consume the goods? Which of the following questions is not answered by the decisions that every society must make? a. What determines consumer preferences? b. grain selling advice