What are the 3 basic economic questions all societies must answer? a. who gets to produce goods, who gets to consume them, and who collects the profits? b. why, when, and how goods and services should goods be produced? c. where should goods be produced, who sells them, and who should get the profits? d. what, how, and for whom should goods and services be produced?

Question

Ralph Mccarthy

Business

5 October, 00:52

What are the 3 basic economic questions all societies must answer? a. who gets to produce goods, who gets to consume them, and who collects the profits? b. why, when, and how goods and services should goods be produced? c. where should goods be produced, who sells them, and who should get the profits? d. what, how, and for whom should goods and services be produced?

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Answers (1)

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Alisa Key · Answer 1

b. why, when, and how goods and services should goods be produced?

Explanation:

The three fundamental questions of economics are solving the basic problems faced by economic agents. What to produce? How to produce? Who to produce for?

These questions are pertinent because resources are scarce, but human needs are unlimited. Therefore, one has to choose the best combination of resources to make a production that meets human needs. The timing of production will depend on the perception of needs (demand), so that as man evolves, new demands emerge to improve people's quality of life.