What are the three basic economic questions? How would each of our three basic economic typologies-traditional economies, market economies, and command economies-answer these questions?

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The Answer is The three basic economic questions are: what to produce, how to produce, and for whom to produce.

In a traditional economy, these questions are answered based on customs, traditions, and cultural beliefs. What to produce is determined by what has always been produced in the past, how to produce is based on traditional methods and techniques, and for whom to produce is often based on social hierarchy or community needs.

In a market economy, these questions are answered through the forces of supply and demand. What to produce is determined by consumer preferences and purchasing power, how to produce is based on efficiency and cost-effectiveness, and for whom to produce is based on who can afford the goods and services being offered.

In a command economy, these questions are answered by the government or central authority. What to produce is determined by central planning and government priorities, how to produce is based on government directives and regulations, and for whom to produce is often based on social or political considerations.

Overall, each economic typology approaches the three basic economic questions in different ways, reflecting their unique values, priorities, and systems of organization.

What Are the Three Basic Economic Questions? How Would Each