apec 2

Question 1

4 dominant basic economic problems

Answer 1

what to produce?
how to produce?
from whom to produce?
what provision should be made for economic growth?

Question 2

the system must determine the desires of the people

Answer 2

what to produce?

Question 3

the system must select the proper combination of economic resources in producing the right amount of output

Answer 3

how to produce?

Question 4

this has something to do with distribution of goods that are produced and for whom shall they be distributed properly

Answer 4

from whom to produce?

Question 5

the means through which society determines the answers to the basic economic problems mentioned

Answer 5

economic system

Question 6

4 types of economic system

Answer 6

traditional economy
command economy
market economy
mixed economy

Question 7

type of economic system that are based on traditions and practices upheld over years and passed on from generation to generation.
methods are stagnant and are therefore not progressive

Answer 7

traditional economy

Question 8

authoritative system wherein decision-making is centralized in the government or a comment committee.

Answer 8

command economy

Question 9

most democratic form of economic system. it is based on the workings of demand and supply,decisions are made on what goods and services to produce

Answer 9

market economy

Question 10

it protecrs private property, cobsumer, and environment. it also allows a level of economic freedom in the use of capital but also allows for government to interfere in economic attributes in order to achieve social aims

Answer 10

mixed economy