assgment 3

1.)What are the three basic economic questions that every society (economic system) must answer?
What to Produce?
How to produce?
For Whom to Produce?

2.)What is an economic system ?Anwat are four types of economic systems ? Give Example of each.
A economic system is composed of three basic economic questions which is what to produce,How to produce , and for whom to produce. And the four economic systems are market economy , command economy ,traditional economy , and a mixed economy.Market Economy concerns buyers and selllers .Command economy concerns the government .Traditional economy customs and tradition. Mixed economy is composrd of all the economic systems.


3.)Write a detailed explanation of how each of the four economic systems .answers the three basic economic questions.
The four basic economic systems answers the three basic economic questions by having government regulations in the command economy .Buyers and sellers in the market economy .Based on tradition and customs in the Traditional economy .The combination of the mixed economy .

4.)How does the United States reflect a combination of economic systems ? the U.S federal government regulates private enterprise in numerous ways. Sometimes the government has sought to prevent monopolies such as electric utilities from raising prices.

5.)The inuit tribe in Alaska teach their children that they must always do their best at every task .The child begins by observing the adults doing a task .The child begins by observing the adults doing a task .When the time comes for the child to do the task , the task is first divided into smaller task the child successfully completes .What economic system is used by the inuit ?explain why?
I think the economic system that is used by the market economic sytem that is used by the inuit is the market economy because of buyers and sellers and kids are learning tasks are composed in the market economy because they need labors .

6.) How do the market, command and traditional economic ssystems compare and contrast with eachother in terms of profit motive , Private ownership , consumer sovereignty , Competition and government regulation? All of this elements are apart of the market economy but except for the government regulation, that deals with the command economy and the traditional economy deals with social involvement.
7.) Give a specific example of why you support Adam Smith's theory of laissez faire and the "invisible hand" in a market economy and one examples of why you would oppose his theory explain?
I think buyers and who sell stuff can make business decisions without government .

Standards EF2 and EF3

if i owned a business the production possibilities curve will tell me how much to produce , what to produce and whom to produce.

Increasing Capital goods and production

If the marginal benefits exceeds tyhe marginal costs.

companies choose to specialize and trade to make a profit

I feel good because is my own bussiness and i create my company.

What is the purpuse of Production Possibilities Curve?