HISTORY
HISTORY OF THE MIDDLE EAST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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When to produce? Where to produce? Who to produce?
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What to produce? How to produce? For whom to produce?
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What to produce? When to produce? Where to produce?
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For whom to produce? Where to produce? When 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?
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: -economies answer the economic questions of (1) what to produce, (2) how to produce, and (3) for whom to produce.
Detailed explanation-4: -(3) For whom to produce. 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: -What should we produce? How should we produce it? For whom should we produce it?