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?" The three factors of production include land, labor, and capital.
Likewise, people ask, what are the basic questions of economics?
Given that we have relative scarcity it gives rise to three basic economic questions faced by every economy. What to produce, how to produce it and for whom it should be produced. This is concerned with how we allocate our scarce resources. Should we produce bananas or oranges?
What are the four key elements of the study of economics?
Economics Questions Ch.1&2
- scarcity. the basic economic problem facing all societies.
- There Is No Such Thing As A Free Lunch. TINSTAAFL.
- What to produce, How to produce, For whom to produce.
- Land, Capital, Labor, Production.
- Description, analysis, explanation, prediction.
- haircuts, home repairs, concerts.
- scarce and utility.