In Most Societies, Who Allocates Resources

question 169

Multiple Choice

In most societies, who allocates resources?

• A) a single central planner
• B) those who own the resources
• C) those firms that use resources to provide goods and services
• D) the combined actions of millions of households and firms

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Definitions:

Production

The process of creating goods and services to satisfy consumer demand.

Fair

An event characterized by the exhibition and sale of goods or the display of entertainment, or the adherence to equitable principles in judgments and treatments.

Collective Decision Making

The process in which a group, rather than an individual, makes a choice or judgment after considering various alternatives.

Economic Questions

Fundamental queries regarding how societies allocate scarce resources to produce goods and services for consumption, including what, how, and for whom to produce.