EconoQuest: Allocate the ResourcesVersion en ligne Navigate through various economic systems to build and manage your own thriving empire. par Zahra Zafar 1 Key allocation decisions are [3] 2 Types of Economic Systems [3] 3 Government have all or some decision making in [2] 4 Some economic questions under "What to produce" are: [4] 5 Market Economy is also known as [3] 6 Planned economy is [4] 7 Mixed economic systems have [4] 8 As a private firm, my key allocation decisions would consider [5] What to produce How to produce Who to produce for Market Economy Mixed Economy Planned Economy Mixed Economy Planned Economy Should a company focus on producing electric cars or traditional gasoline-powered vehicles? Should a government allocate resources to build more schools or hospitals in underserved areas? Should a farm grow organic vegetables or invest in cash crops like coffee for export? Should a tech company prioritize developing smartphones or artificial intelligence technology? Free Market Capitalist Economy one with zero government involvement also called command economy where decisions are made by governments where individuals have little control extreme opposite to market economy some government involvement public sector firms private sector firms government control and planning on some resources the cheapest method of production the highest profitability in what to produce the product that has the highest demand who is willing to pay who has the ability to buy supply curve Democractic Opportunistic best decisions Should a clothing brand target high-income consumers with luxury fashion or produce affordable clothing for the mass market?
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