Economics

What are the 3 basic economic questions?

• What to produce? Why to Produce? How often?

• What to produce? How to produce? For whom to produce?

• Why produce? How do we produce?

What are the four economic systems?

• Traditional, Mixed, Mentor, wants

• Wants, needs, services, goods

• Traditional, Command, Market and Mixed

Which type of economic system is based on customs and traditions?

• Mixed

• Market

• Traditional