describe how societies answer the basic economic questions: what to produce, how to produce, and for whom to produce;
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What to produce? ➢ What should be produced in a world with limited resources? ...
What to produce? ➢ What should be produced in a world with limited resources? ...How to produce? ➢ What resources should be used? ...
What to produce? ➢ What should be produced in a world with limited resources? ...How to produce? ➢ What resources should be used? ...Who consumes what is produced? ➢ Who acquires the product?
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Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship. ... The income that resource owners earn in return for land resources is called rent. The second factor of production is labor. Labor is the effort that people contribute to the production of goods and services.
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