ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Answer and Explanation: c. Where to produce? is not one of the primary economic questions.

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: -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-4: -The four fundamental questions in economics are: what to produce, how to produce, for whom the output is produced, and how much to produce. When to produce is not one of the fundamental questions per se. But economics also deals with the timing of the production.