Which of the following best illustrates the importance of addressing the three questions of economics?
Answers
The main questions of economics are:
How to produce?
What to produce?
For whom to produce?
Economics talks about scarcity and how it can be overcome through efficient allocation and utilization of scarce resources as a person's desires are unlimited however resources scarce. How to produce talks about the ways in which the products can be made efficiently.
What to produce talks about the needs and wants of the society and what type of products to be manufactured. For whom to produce talks about the market of certain products.
The question is incomplete.
However,
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.
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