What are the 3 economic questions that must be answered?
Because of scarcity every society or economic system must answer these three (3) basic questions: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?.
What are the basic economic questions?
The four basic economic questions are (1) what goods and services and how much of each to produce, (2) how to produce, (3) for whom to produce, and (4) who owns and controls the factors of production. In a capitalist economy, the first question is answered by consumers as they spend their money.
How are the three basic economic questions answered in a traditional economy?
economies answer the economic questions of (1) what to produce, (2) how to produce, and (3) for whom to produce. What is produced? based on custom and the habit of how such decisions were made in the past. Many traditional economies are found in rural areas where people depend on members of their extended families.
What are the three basic economic questions quizlet?
The Three Key Economic Question are: What goods and services should be produced? How should these goods and services be produced? Who consumes these goods and services?
What are the three basic questions?
In order to meet the needs of its people, every society must answer three basic economic questions:What should we produce?How should we produce it?For whom should we produce it?
What are the six economic goals?
National economic goals include: efficiency, equity, economic freedom, full employment, economic growth, security, and stability.