How Different Economic Systems Answer the Three Basic Economic Questions

1. The three basic economic questions that every society must answer is: Wh
at will be produced, How it will be produced, and For Whom will it be produced!

2. An economic system is the system of production, distribution, and consumption of goods and services of
an economy. The four types of economic systems are: Market, Command, Traditional, and Mixed. An example of market is the United States, and Germany. An example of command is china. An example of traditional is native americans tribe. An example of mixed is also the United States and other countries.

3. Market involves the U.S buyers and sellers. Command is planned and directed by government, where resources are allocated to factors by the state through created planning. Traditional is based on customs and beliefs. Mixed is where the government is involved and other buyers and sellers.

4. The United States reflect a combination of economic systems because the government is very involved in the U.S economy.

5. Traditional is used by the Inuit because they are a tribe and traditional is based on customs and beliefs.

6. I support Adam Smith theory because I don't feel as if the governor should be involved with consumers and sellers that should be left up with their beliefs and ideas. I oppose because the governor should be there to regulate what's going on and keeping everything in order.