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Published byTheodore Goodman Modified over 5 years ago
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goods services
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Identify the basic questions all economic systems address
Objective 9.1 4 Identify the basic questions all economic systems address
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WHAT is to be produced?
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The entrepreneur must determine the “thing” that people will be
What is produced? The entrepreneur must determine the “thing” that people will be willing and able to buy
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FOR WHOM is it to be produced?
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The market is the people who are
For whom? The entrepreneur must identify the market The market is the people who are willing and able to buy
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HOW to produced?
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HOW many are to be produced?
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How goods produced? The entrepreneur must determine materials he is willing and able to use to create the g&s
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The entrepreneur must guess the amount that people are
How many? The entrepreneur must guess the amount that people are willing and able to buy
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materials are: Land or Resources labor capital$
How goods produced? materials are: Land or Resources labor capital$
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materials are scarce resources
How goods produced? materials are scarce resources
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land + labor + capital + entrepreneur = factors of production
How goods produced? land + labor + capital + entrepreneur = factors of production
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The four economic questions are:
WHAT HOW HOW MANY FOR WHOM
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