Economic Systems Overview
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Questions and Answers

What is the main goal of most economic systems?

  • To maximize government spending
  • To eliminate the desire for goods and services
  • To ensure equal distribution of resources
  • To allocate scarce resources efficiently (correct)

    • In the context of economic systems, what is scarcity mainly referring to?

  • Limited desire for goods and services
  • Unlimited availability of labor
  • Limited budget or financial capital (correct)
  • Unlimited resources available for production

    • Which type of economy has centralised authorities making decisions on resource allocation?

  • Social welfare economy
  • Market socialism
  • Command economy (correct)
  • Pure capitalism

    • Why is it important for companies to consider allocating resources efficiently?

    <p>To focus on products with higher profit potential</p> Signup and view all the answers

    In which type of economy are resources allocated based on supply and demand in free markets?

    <p>Pure capitalism</p> Signup and view all the answers

    How does scarcity impact decision-making for both individuals and entities?

    <p>By limiting choices due to resource constraints</p> Signup and view all the answers

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