Question

The basic economic questions that any provider of goods must ask are: What will be produced? Who will produce it? For whom will it be produced? In which type of economy are these decisions made by producers who are looking to make a profit?

Answer 1

What will be produced?

-the type of goods/services to be produced depends on the consumer needed

Who will produce it?

-producers/firms that can use limited resources to produce goods/services

For whom will it be produced?

-a consumer who can obtain goods or services, also depending on the pattern of income distribution and community wealth

In which type of economy are these decisions made by producers who are looking to make a profit?

- capitalism

Answer 2

A command economy (also called a planned economy or centrally planned economy) is one in which economic decisions are controlled by a central authority, usually the state (government). The state controls the society’s capital (means of production) and decides how resources should be allocated (including what should be produced, how prices should be set, and how much people should be paid for their work). Command economies go hand in hand with socialist or communist political philosophies, which emphasize the equal distribution of wealth but do not support individual entrepreneurship or the acquisition of private property. The Soviet Union was the most prominent planned economy of the twentieth century

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