How different economic systems answer the three basic economic questions

1) What are the three basic economic questions that every society must answer ?

Answer: What to produce, how to produce it and whom will use it

2) What is an economic system ? And what are four types of economic systems? Give one example of each.

Answer: An economic system is the system of production, distribution and consumption of goods and services of an economy. The four types of economis systems is Market, Command, Traditional, and Mixed.
Market ex. > Uses supply and demand
Command ex. >  Under complete government control
Traditional ex. > Custom methods
Mixed ex. >  Combination of all 3

3) Write a detailed explanation of how each of the four economic systems answer the three basic economic question.

Answer: In a traditional economy the 3 basic economic questions is determined by members of the society while and a command economy the government officials answer the 3 basic questions and in a market economy the buyers and sellers answer the 3 basic questions. But in a mixed economy its not completely clear on who answer the 3 basic questions because the mixed economy is a combinationh of all 3 of the economic system

4) How does the United States reflect a combination of economic systems.

Answer: The United States reflect the market economy because the 3 basic questions is answered by the buyers and sellers and everything is based on supply and demand because if americas wont buy a product it wont continue to be produced. Its reflect the command economy because ever business has it limits by the government and it reflect the traditional economy because

5) The inuit tribe in Alaska teach their childern that they must always do their best at every task. The child begins by observing the adults doing a tasks. When the time comes for the child to do the task, the task is first divided into smaller tasks. The adults praise each stage of the task the child successfully completes. What economic system is used by the inuit ? Explain.

Answer: Traditional system because the tribe is teaching the next generation after them how to produce a product that is necssary to their living

6) How do the market, command and traditional economics systems compare and contrast with each other in terms of profit motive, private ownership, consumer sovereighty, competiton and government regulation ?

Amswer:  They all is similar when it comes to profit motive, because they all want to make money, the main purpose of all the system in the first place is to make a profit. Private ownership only exist in the market economy and some what a traditional economy , but and a command economy the government control everything from ownership down to the prices. Consumer sovereighty

7) Give a specific example of why you support Adam Smith's theory of laissez faire and the invisible hand in a market economy and one example of why you would oppose his theory? Explain

Answer:  I think the idea of self regulating is a good idea because the owner will be able to have a say-so of how to run a business. A baber shop is a good example of a self regulating business because you control the prices , labor , time , location ,etc. of a business , but the invisible hand is still there because they have to follow state laws. I oppose the theory because if a owner have to much control it will only benefit them and not the consumer.