How do different economic
systems help societies deal
with scarcity, and in
what ways?

There are 3 main economic systems which are shown by how nations answer 3 main questions, What should we produce? How should we produce it? For whom are we producing? When these questions are answer you can determine whether the nation has a Pure Capitalism Economy, A Command Economic System, or A Traditional Economic System.

Pure Capitalism is based on the ideas of the Free Market and Laissez Faire, meaning there is no influence from the government in the economy. In this economic system all resource companies are owned privately, not by the government. When Scarcity is dealt with, those which control the resources choose to allocate their resources based on what they believe is best for the consumer while looking at Supply and Demand.

In a Command Economic System the government controls the entirety of the economy. All decisions are made through central planning rather than individual wants and needs of the consumers, scarcity being one of them.

Lastly, the Traditional Economic System, also known as the Customary Economic System, makes decisions based on societal customs and practices. Not many countries use this system, mostly those of third world countries and failing governments.

Explanation:

Btw, if this is a written question I just wrote that all out and I used it on my quiz, so if you want to copy and paste you can.

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