ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Who consumes it?
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How do we produce it?
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Is a hot dog a sandwich?
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What do we produce?
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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?
Detailed explanation-3: -Students will read and take notes on the three main questions of economics. These are what to produce, how to produce it, and who to produce it for.
Detailed explanation-4: -Answer and Explanation: c. Where to produce? is not one of the primary economic questions.