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HW 1 Extra Credit - but they only have limited steels They...

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Free enterprise Enterprise‘s objective is to generate more money from the least costs. They need to be successful by a good marketing. It includes: To produce or purchase what kinds of goods and services, they need to consider which product or services now have a large demand; as well, to decide how to produce these goods or services, they need to know find enough resources and the machines to buy for producing; and to decide for whom to produce, they need to know who are the potential customers for which you have to satisfy them with your products. Without these, they can’t win in the market full of competition. A Centralized planned economic system The main purpose of a centralized planned economic system is to govern a country in most of their sectors. Although they control most of the firms and residents, they still need to concern the three questions because the scarce resources. They have to produce something for the basic needs of resident such as beds, houses, instruments for farming
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Unformatted text preview: but they only have limited steels. They have to select the best one which has to consider the first question what to produce. Therefore, they will need to know how to produce and for whom to produce. By which way they can produce the largest number of the product, or which one they are going to satisfy. In each unit, it is essential to consider these three economic problems. They are basically the same. Definition of Economics How a single unit of a society or a single country or the world solve the economic problems by allocating limited resources to satisfy unlimited wants of them. I would consider economics as a science because the main purpose of a science subject is to research and invent some concrete matters which can be proved by observation and experiment. Therefore, as a subject engaging in solving scarcity problem by creating theories, laws, and rules after testing the hypotheses many times, economic is eligible to be regarded as a science....
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