ECONOMICS
SCARCITY
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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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Who consumes the goods and services that are produced?
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Why should goods and services be produced?
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What goods and services should be produced?
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Detailed explanation-1: -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-2: -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?
Detailed explanation-3: -Solved Question on Basic Problems Of An Economy What to produce? How to produce? For whom to produce? What provisions (if any) are to be made for economic growth?
Detailed explanation-4: -Each economy functions based on a unique set of conditions and assumptions. Economic systems can be categorized into four main types: traditional economies, command economies, mixed economies, and market economies.