ECONOMICS
TECHNOLOGY
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
What goods and services should be produced?
|
|
|
Who should these goods and services be produced for?
|
|
|
How should these goods and services be produced?
|
|
|
Why should we produce goods and services?
|
Detailed explanation-1: -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-2: -What is NOT one of the three key economic questions? = Who will consume what is produced?
Detailed explanation-3: -There are three main types of economic systems: command, market, and mixed. We will briefly describe each of these three types.
Detailed explanation-4: -Air, water, and sunlight are not the economic resources. This is because these resources are present in abundance which means they are not scarce. The example of economic resources are land, labour, capital.