ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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What are the three key economic questions?
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What to make
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Who should consume
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How to make it
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When it should be made
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Explanation:
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: -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: -What is NOT one of the three key economic questions? = Who will consume what is produced?
There is 1 question to complete.