BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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When will products be produced, how will products be produced, and how will products be allocated
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Where will products be produced, when will products be produced, and what products will be produced
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What products will be produced, how will products be produced, and how will products be allocated
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When will products be produced, what products will be produced, and how will products be allocated
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Detailed explanation-1: -How to produce? For whom to produce? This helps to understand which good or services are required in the society (what to produce?) with which technique these are to be made (how to produce?) and who would consume these goods( for whom to produce?).
Detailed explanation-2: -An economic system is any system of allocating scarce resources. Economic systems answer three basic questions: what will be produced, how will it be produced, and how will the output society produces be distributed?
Detailed explanation-3: -All economies must answer basic questions like what goods and services to produce, how to produce these goods and services, and how to distribute the goods and services – using their scarce resources.
Detailed explanation-4: -The three basic decisions made by all economies are what to produce, how it is produced, and who consumes it.
Detailed explanation-5: -Which basic economic question determines how a society will produce goods and services? How can available resources be used efficiently?