Chapter 2 Section 1 Answering the Three Economic Questions
Terms in this set (8)
What are the three key economic questions?
a.) What goods and services should be produced?
b.) How should these goods and services produced?
c.)Who consumes these goods and services?
Economics concept necessitating choices and priorities in any society?
Five basic economic goals and values guiding society's choice of system?
c.)security and predictability
e.)growth and innovation
How might the goals of economic security and economic growth conflict?
Economic goals affect issues of present and future individual and social welfare ,national development,consumption,and equity.
Characteristics of traditional economies:
1.Goes by religious beliefs and history.
2. Basic technologies
An encyclopedia entry illustrating how a hunter-gatherer group collects and shares food resources is describing that society's...
When people earn income for supplying land, labor, capital, or entrepreneurship, they receive...
People who receive disaster relief from the government after a flood are benefiting from an economic system that provides a....