Economic systems-goals 2.1

ways in which factors of production are combined answers which economic question

monies an entrepreneur has left after all bills are paid

an economy that relies on habit, custom, or ritual to answer economic questions

In order for a better standard of living there must be:

When countries have to prioritize their economic goals this involves or is called a

a system to protect people experiencing unfavorable economic conditions

To know things like tax returns will arrive or that a safety net is in place is the goal of

the method used by a society to produce and distribute goods and services

The right product in the right quantity to the right people at the right price is the goal of

To improve its standard of living, a nation’s economy must

to work or try to work where we want and to buy or try to buy what we want defines the goal of

Each society answers the three basic economic questions based on

how much people should receive from the “economic pie” is answered under the economic goal of:

the process of bringing new methods, products, or ideas into use

the income people receive for supplying factors of production

money earned by lenders

the level of economic prosperity

Traditional economies are usually