ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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What goods and services are to be produced?
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How are the goods and services to be produced?
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Who will get the goods and services that are produced?
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All of the above
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Detailed explanation-1: -ALL economic resources are scarce, every society must answer three questions: What goods and services should be produced? How should these goods and services be produced? Who consumes these goods and services?
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: -Every society must decide what to produce, how to produce, and for whom to produce because we live in a world of relatively scarce resources and must make careful economic choices about how to use these 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?