The Questions of What to Produce, How to Produce, and for Whom

question 204

Multiple Choice

The questions of what to produce, how to produce, and for whom are answered by

• A)free-market economies.
• B)economies that are a mixture of planning and markets.
• C)command economies.
• D)all economic systems in some manner.

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Definitions:

Full-Time Workers

Employees who work the full number of hours defined as standard for a certain period, typically characterized by a fixed schedule.

Mixed Strategy

A planning strategy that uses two or more controllable variables to set a feasible production plan.

Operations Managers

Experts in charge of managing, planning, and directing the production process and restructuring business activities for the creation of goods or services.

Aggregate Plan

A strategic approach to production planning that outlines overall output levels and inventory to meet forecasted demand.