ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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To assess product profitability.
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To aid in production decisions.
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To offset a poor economy.
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To determine quality and cost.
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Detailed explanation-1: -Economics is the study of the production, distribution, and consumption of goods and services. 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-2: -In order to meet the needs of its people, every society must answer three basic economic questions: What should we produce? How should we produce it? For whom should we produce it?
Detailed explanation-3: -The three basic decisions made by all economies are what to produce, how it is produced, and who consumes it.
Detailed explanation-4: -Three basic questions must be answered: a) What goods and services must be produced? b) How will these goods and services be produced? c) Who uses the goods and services that are produced?