This is for my geography homework. I know that it is about inputs, outputs and processes but I don't know what the term means. Please Help!
2007-10-25 03:53:45 · 4 answers · asked by Anonymous in Education & Reference ➔ Homework Help
This is for my geography homework. I know that it is about inputs, outputs and processes but I don't know what the term means. Please Help!
P.S can u try and explain it with long words just something simple i will understand
2007-10-25 04:03:54 · update #1
Simply, in any geographical area (country, if you like) there are
- people
- wants and needs.
ways of satisfying some of these wants and needs.
An economic system is the method of determining what to make, how to make it and who gets it.
In short What, How and Who for.
2007-11-01 14:58:27 · answer #1 · answered by jemhasb 7 · 0⤊ 0⤋
It is the basic means of achieving economic goals that is inherent in the economic structure of a society. Some examples of major economic systems are Capitalism, Socialism, and Communism.
2007-10-25 03:57:31 · answer #2 · answered by Xaelia 5 · 2⤊ 0⤋
The "market" is you and I the consumer of the product or service. Capitalism is often referred to as a market or free market economy because the consumer determines what will be made, purchased, and used based on where they are interested in spending their dollars. The consumer essentially "votes" with his dollars as to what happens in an economy that is free or capitalistic.
2016-04-10 04:26:31 · answer #3 · answered by Heather 4 · 0⤊ 0⤋
It is a particular set of social institutions which deal with the production, distribution, and consumption of goods and services in a particular society.
2007-10-25 04:00:26 · answer #4 · answered by stewart420fan 2 · 0⤊ 0⤋