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When each worker performs a specific task in production?

Specialization. – This is when each worker performs a specific task in production. Scarcity. – This is when resources are limited and the need for a good or service is higher for a society than what is produced.

What term refers to the process used to produce a good or service?

Technology refers to the process used to produce a good or service. Hence, the term that refers to the process used to produce a good or service, such as using a robotic device to assemble cars is Technology.

What is the name for a system in which private citizens own the factors of production?

Capitalism

What is the name given to an economy that may contain market command and or traditional economic systems?

Answer: The answer is a mixed economy. Explanation: A mixed economy consists of an economic system in which there is a presence of market economies as well as elements of planned economies.

What are the pros and cons of traditional economy?

8 Remarkable Pros and Cons of a Traditional Economy

  • It is based on agriculture, hunting, gathering, fishing or a combination of the aforementioned techniques.
  • The distribution of resources is well known.
  • It is more sustainable.
  • It fosters togetherness and cooperation.
  • It is dependent on Mother Nature.
  • It can be detrimental for the environment.
  • It is not subject to change.

Why do work roles in a traditional economy tend to be limited?

Market Economy; It adjusts to the changes of the people gradually and sometimes quickly and there is a high degree of consumer satisfaction. Why do work roles in a traditional economy tend to be limited? Because there isn’t much resources and there are rules and regulations set to prevent any new ideas to be presented.

Who runs a traditional economy?

The primary group for whom goods and services are produced in a traditional economy is the tribe or family group. In a command economy, the central government decides what goods and services will be produced, what wages will be paid to workers, what jobs the workers do, as well as the prices of goods.

Which type of economy discourages new ideas and new ways of doing things?

A command economy does not allow market forces like supply and demand to determine what, how much, and at what price they should produce goods and services. Instead, the central government will plan, organize, and control all economic activities, discouraging market competition.

What are the three economic questions?

An economic system is any system of allocating scarce resources. Economic systems answer three basic questions: what will be produced, how will it be produced, and how will the output society produces be distributed? There are two extremes of how these questions get answered.

What are the three basic economic systems?

This module introduces the three major economic systems: command, market, and mixed.

What are the 4 types of economic systems and explain each one?

There are four different types of Economic Systems; a traditional economy, a market economy, a command economy, and a mixed economy. Each type of economy has its own strengths and weaknesses.

Why do entrepreneurs ask the three basic economic questions?

Why do entrepreneurs ask the three basic economic questions? They want to use their resources wisely to make a profit. Which is true about scarcity? Scarcity forces the government to allocate the factors of production.

How do you answer the three basic economic questions?

Because of scarcity every society or economic system must answer these three (3) basic questions:

  1. What to produce? ➢ What should be produced in a world with limited resources?
  2. How to produce? ➢ What resources should be used?
  3. Who consumes what is produced? ➢ Who acquires the product?

Who What determines decisions for the economy?

The government decides what goods and services will be produced and what prices will be charged for them. In a planned economy, the government makes most decisions about what will be produced and what the prices will be, and consumers react passively to that plan.