ECONOMICS
DEMAND
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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How should goods and services be produced?
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When should goods and services be produced?
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What goods and services should be produced?
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Who consumes these goods and services?
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Detailed explanation-1: -The correct option is d. What happens when you add to or subtract from a current situation?. The central or fundamental questions of economics are: what to produce, how to produce, and for whom to produce. So, the effect of any addition or subtraction on the on-going situation is not a fundamental question.
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? There are two extremes of how these questions get answered.
Detailed explanation-3: -In order to meet the needs of its people, every society must answer three basic economic questions: What should we produce? How should we produce it? For whom should we produce it?
Detailed explanation-4: -Problem of allocation of resources. The problem of full employment of resources. The problem of economic growth.