Compare and contrast how the United States, Russia, and Brazil answer the three basic questions of what to produce, how to produce, and for whom to produce in their economies.

Question

Social Studies

Fabian Wong

10 January, 08:31

Compare and contrast how the United States, Russia, and Brazil answer the three basic questions of what to produce, how to produce, and for whom to produce in their economies.

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Jovanny Summers · Answer 1

The US has a free market system. The country can do mass production in a day. The business sector dictates the supply and demand of the business. The government can decide whether they should approve or deny the business and what they should and should not produce.

Brazil has a command and traditional market economy. The government dictates the business. They dictate the supply and demand and the products that should be produced.

Russia recently has been recognized as a market economy however they follow the traditional and command market system which is similar Brazil.