Which Economic System Depends Primarily on Tradition to Answer the "What

question 8

Essay

Which economic system depends primarily on tradition to answer the "What to produce?" question? Which economic system depends on government planners to make that decision? Which economic system depends on the market to make that decision?

Recognize the conditions under which a consumer’s current consumption decisions are considered optimal.

Identify the impact of income changes on consumer well-being through the lens of utility theory.

Understand the concept and characteristics of agency relationships.

Identify the roles and responsibilities within agency relationships.