Question

Unit 7
Economic Thought
Activity
Following are the three important basic questions associated with every economic activity.
1.
What to produce and how much to produce?
2.
How to produce?
3.
For whom to produce?
Answer to these questions decide the relevance of economic activities. Complete the
table based on the findings related to the basic economic problems of an economy.
​

Answer 1

Answer:

production depends upon need. so what we need that we produce.

Answer 2

Answer:

necessity is the mother of all inventions .

so what you need you produce .

how much is your need you produce

produce using your mind calculations and don't follow other's advice ,sometimes the advice is good for us but sometimes not

produce for yourself,helping other's