The questions of economics address which of the following? Check all that apply.

who

what

where

when

why

how

all of them are economics

1. What

2. Who or whom

3. How.

Explanation:

These are the three basic economic questions listed above. A society might decide to produce candy or cars, computers or combat boots. The goods might be produced by unskilled workers in privately owned factories or by technical experts in government-funded laboratories. When they are made, the goods might be given out for free to the poor or sold at high prices that only the rich can afford. The possibilities are endless.

Although every society answers the three basic economic questions differently, in doing so, each confronts the same fundamental problems: resource allocation and scarcity.

For a complete chain of economics, these three questions must be fulfilled.