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We will discuss the 3 fundamental or three basic economic problems of society. What to produce?, How to produce? and For whom to produce? are three questions.
In order to meet the needs of its people, every society must answer three basic economic questions: What should we produce? How should we produce it? For whom should we produce it? A society (or country) might decide to produce candy or cars, computers or combat boots.
11 kwi 2023 · Learn what are the three basic economic problems (what to produce, how to produce, and for whom to produce) and how different economic systems (capitalist, command, and mixed) solve them. Find examples, definitions, and related articles on economic topics.
Scarcity is the basic economic problem because each level of economic has unlimited wants and limited resources. Economic has various level (individually, firms and governments). Because of the "Time" is scarcity/limited as individually, we as "individually" has to make decision wisely.
22 kwi 2022 · Throughout history and across countries, society has answered the three economic questions in distinct ways. An economic system (or economic order) refers to a particular way societies organize their economy. The main economic systems are: Traditional economies. Command economies. Planned economies. Capitalist or market-based economies. Mixed ...
Three questions the basic economic problem forces every society to answer. In response to the basic economic problem, societies must answer three fundamental questions: 1. What to produce? This question refers to the decision about what goods and services to produce given the limited resources available.
What are the three basic economic questions and how do different societies answer them? The three basic economic questions are: What to produce? How to produce it? How to distribute it? Different societies answer these questions differently:
