ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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What to produce
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For whom should be produce
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Why to produce
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How much to produce
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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: -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: -All economies must answer basic questions like what goods and services to produce, how to produce these goods and services, and how to distribute the goods and services – using their scarce resources.
Detailed explanation-4: -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?