Economic systems answer three basic questions: what will be produced, how will it be produced, and how will the output society produces be distributed? In a market system, resources are allocated to their most productive use through prices that are determined in markets.
Explanation:
What to produce? ➢ What should be produced in a world with limited resources? ...
How to produce? ➢ What resources should be used?
Who consumes what is produced? ➢ Who acquires the product?
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