Question

1) what goods and services and how much of each to produce,2) how to produce,3) for whom to produce,and4)who owns and controls the factors of production​

Answer 1

Answer:

they are central problems of an economy

Explanation:

Answer 2

Answer:

1) A traditional economy is a system that relies on customs, history, and time-honored beliefs. Tradition guides economic decisions such as production and distribution. Societies with traditional economies depend on agriculture, fishing, hunting, gathering, or some combination of them. They use barter instead of money.

2) In nutshell, an economy has to allocate its resources and choose from different potential bundles of goods (What to produce), select from different techniques of production (How to produce), and decide in the end, who will consume the goods (For whom to produce).

3) For whom to produce. ADVERTISEMENTS: In nutshell, an economy has to allocate its resources and choose from different potential bundles of goods (What to produce), select from different techniques of production (How to produce), and decide in the end, who will consume the goods (For whom to produce).

4) In a simplified model of an economy, known as a circular flow diagram, households own the factors of production. They sell or lend these factors to firms, which produce goods and services that households buy. Under this theoretical model, firms do not own the factors of production.

Explanation:

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