Assignments # 3

Q1: What will be produced ?
How it will will be produced ?
From whom will it be produced?
Q2:What is a economic systems? The method used by a society to produce and distribute goods and services.

• -Market - the power of division of labor in which the prices of goods and services are determined in a free partice system set by supply and demand. (
• Command - supply and price are regulated by the government than market forces.
• Traditional- a country such as China trains their kids to be success and warriors
•  Mixed- mixture of capitalism and socialism

Q3- The four economic system ( traditional, mixed, command, and market), these four economic systems involves the economic questions because these three questions are asked daily doing the process of the economy growth and use of economics needs.
Q4:The united states standard economic model of how things work is that people produce and exchange goods. Governments exist to provide  government goods things that people cannot provide for themselves, such as national defense. The standard economic view is that activities are essentially productive.
Q5: The economic systems that is used by the Inuit would be Traditional economy. I choose this because an traditional economy is based of customs and things that have been done for years.
Q6:
Profit Motive- Market ( the government allows the producers earn money by making a profit by creating new goods and services

Traditional (the government is the producers & consumers their motivated by their customs which makes their  profits of their goods and services

Command (the government officials controls their profit motive for their goods and services for their economy)

Mixed ( private and state enterprise)

Profit Ownership- Market( the market economy has large  amounts of bussiness which could be regualted or deregualted

Traditional ( the traditional economy has their business could be ranned based off customs and their money comes from the things that they

Command

Mixed