True or False: "The goal of an economic system should be to create as much economic...

True or False:

"The goal of an economic system should be to create as much economic growth as fast as possible."

Identify if you believe this statement is True or False. Provide a supporting explanation to your answer. Your explanation should include a graph.

Make sure to define any concepts from the section that you use in your explanation.

Solutions

Expert Solution

Its true. The goal of an economic system should be to create as much economic gowth as fast as possible.

The purpose of economy is to manage the household; to produce and distribute food, water and other needs and goods primarily for preserving the human life.

Economic systems are the means by which countries and governments distribute resources and trade goods and services. They are used to control the five factors of production, including: labor, capital, entrepreneurs, physical resources and information resources.

Every economic system provides solutions to four questions: what goods and services will be produced; how they will be produced; for whom they will be produced; and how they will be allocated between consumption (for present use) and investment (for future use). In a decentralized (usually private enterprise) economic system, these questions are resolved, and economic coordination is achieved, through the price mechanism.

Rahul Sunny answered 1 year ago

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