In order to determine their type of economic system, a country's society must ask ____________.
A) What will be produced?
B) How will it be produced?
C) For whom will it be produced?
D) All of the above.
All of the above?
Yes, All of the above.
Yes, the correct answer is D) All of the above.
To determine the type of economic system, a country's society must consider all three factors:
A) What will be produced?: This refers to the types of goods and services that will be produced in the economy. This decision can be influenced by factors such as available resources, demand from consumers, and government policies.
B) How will it be produced?: This pertains to the methods and techniques used in the production process. It involves decisions about the allocation of resources, the use of technology, and the efficiency of production methods.
C) For whom will it be produced?: This deals with the distribution of goods and services among different members of society. It involves questions about income distribution, access to resources, and the allocation of goods and services based on different criteria such as need, ability to pay, or government policies.
By considering all three factors, a country's society can determine the type of economic system it has, which could be a market economy, a planned/command economy, or a mixed economy.