Which Type of Economy Must Answer the Questions of What

question 130

Multiple Choice

Which type of economy must answer the questions of what goods to produce, how to produce them, and for whom to produce them?

• A)A centrally planned economy
• B)A market-based economy
• C)A developing economy
• D)All types of economies must answer these questions.

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Definitions:

Market Share

The percentage of an industry's sales that a particular company or product commands within a specific time period.

Satisfied Customers

Individuals who have had their expectations met or exceeded by a product or service, leading to a positive perception of the business.

Strategic Planning

The process of defining a business’s strategy or direction, and making decisions on allocating its resources to pursue this strategy, often based on its mission, vision, and goals.

Environmental Analysis

The process of evaluating the external factors that can affect an organization's success, such as political, economic, social, and technological factors.