ECONOMICS
TECHNOLOGY
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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to inform people about the various types of infrastructure
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to warn people that the nation’s infrastructure needs to be repaired
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to alert people to the large investment needed to repair infrastructure
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to persuade people that the benefits of repairing infrastructure outweigh the costs
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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: -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-3: -By “the invisible hand, ” Adam Smith refers to the notion that desirable social goals are usually reached by individuals following only their own self-interest.
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?