-What should we produce?
-How will we produce it?
-How much of it will we produce?
-Who will be our target consumer?
The basic economic questions are answered by the customs of the past.
traditional system.
Simple, brief, versatile, secure
President McKinley said four more years of a full dinner pail. The economy was booming in 1900, so the Republican slogan of "Four More Years of the Full Dinner Pail."
The sugar economy was very expensive and intricate work but the tobacco economy was cheap and fairly simple.
market economy
guide the economy
market economy
In a capitalist system, the government answers the three basic questions.
the world may never know
The basic economic questions are answered by the customs of the past.
traditional > <
Market
Controlled
controlled
traditional
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