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22 June, 20:02

Economic decisions are made at every level in society. When we try to decide which production method to use among several alternatives, which of the following key economic questions are we trying to answer?

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  1. 22 June, 20:14
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    Answer: How to produce?

    Explanation: This question relates to the problem of choosing between labor intensive and capital intensive technique for the process of production.

    This questions makes economists analyze what factor of production is relatively cheap, that is, capital or labor. If the capital is cheap then production should be done using capital intensive technique.

    Otherwise, if the labor is easy and cheap to get than labor intensive technique should be adopted.
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Home » Business » Economic decisions are made at every level in society. When we try to decide which production method to use among several alternatives, which of the following key economic questions are we trying to answer?
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