Question

Please list the five economic decisions that every economic system must decide.

Answer 1

The five economic decisions that every economic system should decide are:
1) What goods and services are to be produced. The allocation problem.
2) How are these goods and services produced. The production problem.
3) For whom are these goods and services produced. The distribution problem.
4) Are the economic systems's scarce resources being fully utilized or are they lying idle. The resource utilization problem.
5) Is the economy of the economic system growing over time. The economic growth problem.