HISTORY
HISTORY OF THE MIDDLE EAST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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What to produce, how to produce it, and for whom to produce the goods
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When to produce, why to produce, and how long to produce
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to what extent to produce, how much to produce, why to produce
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what to produce, why to produce, and how much to produce
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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.
Detailed explanation-3: -In a command economy, what goods and services are produced, how they are produced, and for whom they are produced are all questions answered by government planning. The government makes economic decisions for the good of society.
Detailed explanation-4: -ADVERTISEMENTS: In nutshell, an economy has to allocate its resources and choose from different potential bundles of goods (What to produce), select from different techniques of production (How to produce), and decide in the end, who will consume the goods (For whom to produce).
Detailed explanation-5: -The three basic decisions made by all economies are what to produce, how it is produced, and who consumes it.