28th November 2019

quizlet
17

What are the three economic questions that must be answered?

The three basic economic questions that every society must answer include "What goods and services should be produced?", "How should these goods and services be produced?", and "Who consumes these goods and services?"

Similarly, you may ask, what are the three basic economic questions?

  • Given that we have relative scarcity it gives rise to three basic economic questions faced by every economy.
  • What to produce?
  • This is concerned with how we allocate our scarce resources.
  • How to produce?
  • For whom to produce?

What are three basic economic questions that every country must answer?

What are the three key economic questions every society must answer? What goods and services should be produced? How should these goods and services be produced? Who consumes these goods and services?
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