GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Each of the following is one of the three economic questions that must be answered by all nations except:
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What goods and services will be produced?
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How will the goods and services be produced?
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Who will receive the profits earned when goods and services are produced?
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What needs and wants will be satisfied with the goods and services produced?
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Explanation:
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: -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.
There is 1 question to complete.