Question

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

who
what
where
when
why
how

Answer 1

WHO e.g. who produces it?

WHAT e.g. what is being produced?

HOW e.g. how is it being produced?

Above are the three questions of economics.

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Answer 2

There are three questions for which all the economic description should answer to. Each question accounts for a fundamental problem that should be addressed. The basic problem of every economy is scarcity. Every economy should answer to,

• What: What are the goods and services that should be produced.
• Who: Who is the consumer of the economic goods produced.
• How: How the economic goods should be produced.

Apart from this, there is another basic question the economic description should answer to.

• Whom: The owner of the factors that affect the economic production.