How did Society answer the three economic questions?

Throughout history and across countries, society has answered the three economic questions in distinct ways. An economic system (or economic order) refers to a particular way societies organize their economy. The main economic systems are: 1. Traditional Economies Humans lived in traditional (or primitive) economies throughout much of history.

How does a market economy answer the three economic questions?

In its purest form, a market economy answers the three economic questions by allocating resources and goods through markets, where prices are generated. In its purest form, a command economy answers the three economic questions by making allocation decisions centrally by the government.

What are three economic questions?

Three Economic Questions: What, How, For Whom?What It MeansIn order to meet the needs of its people, every society must answer three basic economic questions: Source for information on Three Economic Questions: What, How, For Whom?: Everyday Finance: Economics, Personal Money Management, and Entrepreneurship dictionary.