ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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What will be produced?
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How will it be produced?
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For whom will it be produced?
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Why will it be produced?
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Detailed explanation-1: -Answer and Explanation: c. Where to produce? is not one of the primary economic questions.
Detailed explanation-2: -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-3: -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-4: -The central problem of an economy does not deal with the time of production as it is assumed that human wants are unlimited and goods are required throughout the year. Therefore, the the problem of ‘When to produce?’ is not regarded as a central problem of the economy.
Detailed explanation-5: -Weight is not a fundamental quantity used in physics. A fundamental quantity is one with a base or fundamental unit to represent the same in physics.