Topic Content:
- Basic Economic Systems
- What to Produce
- How to Produce
- For Whom to Produce
Economic systems of the societyThe term society is derived from the Latin word 'socius' meaning friendship or companionship. Society is a community, nation or group of people who share the same traditions, institutions, rules and... More deal with the ownership, and control of means of production, and exchange, which has to do with the guiding principles of economic decisions.
These include;
1. What to produce.
2. How to produce.
3. For whom to produce.
4. Efficient use of resources.
1. What to Produce:
This is a problem of resource allocation. It has to do with the type of goods to produce, services to render, and their quantities in a given period. The scarce nature of societal resources, with numerous wants, calls for the need to determine the actual goods to produce, as well as the quantity to be produced.
You are viewing an excerpt of this Topic. Subscribe Now to get Full Access to ALL this Subject's Topics and Quizzes for this Term!
Click on the button "Subscribe Now" below for Full Access!
Subscribe Now
Note: If you have Already Subscribed and you are seeing this message, it means you are logged out. Please Log In using the Login Button Below to Carry on Studying!
Responses