GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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What should we produce?
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How should we produce it?
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For whom should we produce it?
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What are the factors of production?
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Detailed explanation-1: -The correct option is d. What happens when you add to or subtract from a current situation?. 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-2: -Servicing is not a factor of a production process. The 4 factors of a production process includes: land, labour, capital and organization.
Detailed explanation-3: -Land is the scarce factor of production. Other scarce factors include labor, capital, and entrepreneurship.
Detailed explanation-4: -Which of the following results from having scarce economic resources? The production of limited goods and services.