what goods and services should I produce?
(2) how to produce? (give general ideas )
(3) for whom to produce, (target market)
(4) who owns and controls the factors of production? (resources/inputs)
Answers
Explanation:
- The factors of production are resources that are the building blocks of the economy; they are what people use to produce goods and services. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.
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.
- Before goods and services can be distributed to households and consumed, they must be produced by someone, or by some business or organization. For example, most firms with large amounts of money invested in factories and equipment are organized as corporations.
Production – The creation or making of goods and services. The transformation of resources into goods and services. Productivity – The relationship between the output of goods or services and the input of resources.
- A target market refers to a group of customers to whom a company wants to sell its products and services, and to whom it directs its marketing efforts. Consumers who make up a target market share similar characteristics including geography, buying power, demographics, and incomes.
Your target market, also called a target audience, is the specific group of people at which your product or service is aimed. In other words, they're the primary audience of your marketing strategy.
A target market is a group of consumers identified as likely purchasers of a company's product. Choosing a target market is important because it enables the firm to direct its resources to those customers with high potential for sales growth, interest in the product and loyalty to the brand.
- For example, private enterprise and individuals own most of the factors of production in capitalism. However, collective good is the predominating principle in socialism. As such, factors of production, such as land and capital, is owned and regulated by the community as a whole1 .
In a Centrally planned economy, also known as a command economy, the central government controls the factors of production and answers the three basic economic questions for all of society.
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.
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