ECONOMICS
DEMAND
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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what, how and for whom
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where, when and why
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which, why and what
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when, how and which
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Detailed explanation-1: -What to produce? ➢ What should be produced in a world with limited resources? How to produce? ➢ What resources should be used? Who consumes what is produced? ➢ Who acquires the product?
Detailed explanation-2: -The three basic questions are what products should be produced, how the products should be produced, and who consumes the products. Every society has a different way of answering the three basic questions, but each revolves around the same fundamental problems: scarcity and resource allocation.
Detailed explanation-3: -What basic choices are faced by all societies? Each society must decide what to produce, how to produce it, and for whom to produce it.
Detailed explanation-4: -Economists address these three questions: (1) What goods and services should be produced to meet consumer needs? (2) How should they be produced, and who should produce them? (3) Who should receive goods and services? The answers to these questions depend on a country’s economic system.
Detailed explanation-5: -Why are societies faced with the three basic questions of WHAT, HOW, and FOR WHOM. Societies are faced with these three basic questions because of the limited resources we have in the world to produce the items people want but don’t need.