How different economic systems answer the three basic economic question

1. What are the three basic economic questions that every society (economic system) must answer?

What to produce? How to produce?Who gets the good and services produced?

2. What is an economic system? What are the four types of economic systems and how does each answer the three basic economic questions? Give one example of each.

An economic system is the method used by a society to produce and distribute goods and services.The four types of economice systems are Market economy, Mixed economy, Planned economy, and Traditional economy.
3. While the United States is largely a market economy, how does it also reflect a combination of economic systems. It reflects a combination of economic system because the government is very envolved in the system.

4. The Inuit tribe in Alaska teach their children that they must always do their best at every task. The child begins by observing the adults working on a task. When the time comes for the child to do the task, the task is first divided into smaller tasks. The adults praise the child at each stage the child successfully completes.  When all stages have been complete, the child is ready takes full responsibility for the task.  What economic system is used by the Inuit? Explain. The inuits uses the traditional economy because they teach thier children a task and it becomes a habit to them.

5. How do market, command and traditional economics systems compare and contrast with each other in terms of profit motive, private ownership, consumer sovereignty, competition and government regulation? They compare because all of the economies have something to do with goods and services.They contrast because they all have there own meaning uses different ways of production.

6.Explain why Adam Smith would oppose government intervention in a market economy.  Give a specific example of why you support Adam Smith’s theories of laissez faire and the ‘invisible hand’ in a market economy and one example of why you would oppose his theory? Explain. sI do not support his theory because i believe that the government should be invovled in the economy because they makes sure things are running smooth and make sure that the company's are selling safe products.

How does the market economy influence the government ?

Why doesnt Adam Smith want the government to be apart of the economy