QAEconomics › One of the three economic questions deals with deciding
Q

One of the three economic questions deals with deciding

a) what goods and services should be produced

b) what the costs of production should be.

c) how goods and services will be marketed.

d) how consumers will receive products

A

Economics help a lot in addressing people’s needs. Each society is expected to answer three important economic questions to realize this objective. Here they are:

  1. What should we produce

  2. How should it be produced

  3. For whom should we produce it?

Therefore, the correct answer here is A – what goods and services should be produced? These are the most relevant questions irrespective of the kind of economic system that exists in a given country. Most importantly, they are connected to basic economic concepts such as scarcity of resources and their allocation. Due to the scarcity of resources in any given society, it is important to distribute them adequately and more so, in a way that is fair to all people in order to meet the economic goals of that society.

2 weeks ago
3 Views