How different economic systems anser the three basic economic questions

standard SSEF4

• 
  
  a economic system is a system of production and distribution and consumption. The four types of economic systems are mixed economy- The USA& Japan, traditional economy- Amazon tribes, Market economy- the And Japan, and Command economy- Cuba and China.
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  Traditional economy characterises production largely for localised consumption within a family or a small area like a village with very little use of money and largely barter exchange of commodities. As against this the market economy is characterised by production largely for sale in the market, free trade and market mechanism through which production, distribution and prices are set with Govt. playing virtually no role in the economic decisions of the citizens either individually or collectively. In contrast to this in a command economy the level and basket of both production, consumption of different goods and services as well as their prices and the incomes of the citizens are decided by the State./ govt. and its agencies and very little economic decision making is allowed to individuals A mixed economy is any sort of mixture of both market economy and command economy.
• 
  
  The inuit tribe in Alaska Goes by a traditional economy. The eason they go by this economy is
   because they relie on customs and rituals to make choices.
  

5&6 i dont fully understand.  can i recieve a little help when i stay for tutorial on tusday please!!!!

production possibilites curve; rational decision making; and specialization

standards ef2 and ef3

A production possibilty curve is a graph that shows different rates of production of two
goods or services that a economy can produce efficiently during a specified period of time with a limited quantity of production of production resources or factors of production.
Two things that can cause your chart to shift outward is an increase in technology, and also an increse in production.

The best way to determain weather we are making rational decisionsis to create a rational decision making modal.

Many companies choose to specialize in production because countries choose to generate more income and can increase the standards of living for its people.

if a country choose not to specialize they will not produce efficiently



I feel good about my knowledge on this standard....... what if a country only choose to specialize in one product?

standared: EF1......limited resources and unlimited wants and needs

• How does scarcity influence the choices you make about spending your money? The most fundamental implication of scarcity is that everything we do carries a cost. When you are doing one thing, you are using time and resources that cannot be used for the next most valuable thing you could have been doing. The cost of doing more of one thing, then, is the value that is sacrificed by doing less of something else. This is why economists are so fond of pointing out that there is no such thing as a free lunch.
• an example of a trade-off that i'v had is when i got my nails did i lost money but i gained beauty.
• the opportunity cost of my decision is i giained my main intent which was beauty.
• i made my decision by which ws more important to me beauty or value.
• afterwards i felt great about the situation.

Bsiness owners use these factors of production land, labor, capital, and entrepreneurship to hire workers, gain capital goods, run there business, and also to have a place for there business.
A risk that might occur with these factors is they may run out of capital goods, or their business my not be successful.

• I do not see myself doing anything with labor or entrepreneurship because i prefer something in the medical feild.

reflection: i dont feel to good about the standard but i think i have the concept.
 what is a better definition of scarcity?
what is rationl behavior?