What are the basic economic questions dealt with by Micro Economics?
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Basic Economic Questions. The basis of all economic decisions is scarcity. The wants and needs of people are unlimited and the resources available to a society are limited. The basic questions that each society must make revolve around the allocation of scarce resources.
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Microeconomics is a field of economics which examines individuals and firms ' activity in making decisions regarding resource allocation and the relationships between these individuals and firms.
The three basic questions dealt include -
- What are the goods and services that should be produced?
- How should the goods and services that need to be made should be produced?
- Who will be consuming the goods and services so produced ?
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