What are the three economic questions deals with deciding?

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What are the three economic questions deals with deciding?

One of the three economic questions deals with deciding: what goods and services should be produced. what the costs of production should be. how goods and services will be marketed.

What are the three main questions of economics addresses who should?

Economists address these three questions: (1) What goods and services should be produced to meet consumer needs? (2) How should they be produced, and who should produce them? (3) Who should receive goods and services? The answers to these questions depend on a country's economic system.

Which of the following best illustrates the importance of addressing the three?

Which of the following best illustrates the importance of addressing the three questions of economics? People's desires and needs are always changing. Businesses need to use limited resources wisely. Traditional methods of production are outdated.

What are the main questions of economics involves deciding upon the method for?

Terms in this set (9)

  • One of the main questions of economics involves deciding upon the method for. …
  • A society decides that it needs to produce more corn to feed the growing population. …
  • Which of the following is an example of a land resource? …
  • Which consideration must be addressed when deciding for whom to produce?

What to produce whom to produce?

This problems deals with the issue of deciding the category of people who will consume the goods. That is to produce goods for the poor or for the rich. Since the resources are scarce, the economy has to decide for whom it will produce goods.

What how and for whom goods and services are produced?

How? Goods and services are produced by using productive resources that economists call factors of production. The “gifts of nature” that we use to produce goods and services are land. The work time and work effort that people devote to producing goods and services is labor.

Which are affected by the factors of production choose three answers?

Define the three factors of production. Understand the difference between physical and human capital. The main factors of production are land, labor, and capital. Land refers to natural resources used to make goods and services.

What is one role of the three questions of economics?

The role of the three questions of economics helps organizations and businesses determine how best to use the resources available to them.

Which consideration must a society address when?

The consideration that must be addressed when deciding for whom to produce is to determine who needs the goods and services that are to be produced.

Why is choice essential in the study of economics?

People have unlimited wants and desires, the goods and services are limited in the economy and there is a scarcity. Due to this reason, it is necessary to make a choice. Since it is not possible to have everything that a person desires, hence they require making a choice.

For whom should we produce it?

This problems deals with the issue of deciding the category of people who will consume the goods. That is to produce goods for the poor or for the rich. Since the resources are scarce, the economy has to decide for whom it will produce goods.

Which of the following is related to the problem for whom to produce?

The problem for whom to produce refers to selection of the category of people who will ultimately consume the goods. Since resources are scarce in every economy, no society can satisfy all the wants of its people. Thus, a problem of choice arises.

How does a traditional economy decide for whom to produce?

Traditional economies rely on habit, custom, or ritual to decide what to produce, how to produce it, and to whom to distribute it. In a centrally planned economy the central government makes all decisions about the production and consumption of goods and services.

What are the different factors to consider in production?

Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.

Which are major decisions that must be addressed by an economic system?

The three basic decisions made by all economies are what to produce, how it is produced, and who consumes it.

Which consideration must a society address when deciding for whom to produce a potentially scarce or limited resource who can b?

Which consideration must be addressed when deciding for whom to produce. The correct answer is deciding who needs the goods and services that are about to be produced.

Which of the following can be consideration for a promise?

In a unilateral contract, the consideration for the promise is: the surrender of a claim against the promisor. the returning of the promisor's property. a promise to do the act called for by the promisor.

What are the four factors of production?

In economics, factors of production are the resources people use to produce goods and services; they are the building blocks of the economy. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.

What is an example of the kinds of choices that a business would have to make because of scarcity?

What is an example of the kinds of choices that a business would have to make because of scarcity? – Due to scarcity of money, a business can decide to fire some of their employees because they cannot afford to pay them all. According to the lesson, scarcity is a problem that all societies face.

For whom should goods and services be produced?

The primary group for whom goods and services are produced in a traditional economy is the tribe or family group. In a command economy, the central government decides what goods and services will be produced, what wages will be paid to workers, what jobs the workers do, as well as the prices of goods.

What are the factors that producers in a society may take into consideration in deciding what to produce?

Below are the Factors That Determine What To Produce:

  • Need of the Consumers. Every person who is into production will have to take into consideration what it is that the consumers need. …
  • Market size or demand. …
  • Income of the Consumers. …
  • Cost of production. …
  • Availability of Resources. …
  • Type of economy.

Jun 10, 2022

Which of the following explains for whom to produce?

The central problem for whom to produce is the problem of allocation of resources. This relates to the distribution of national products among the various individuals.

How do societies decide what to produce?

An economic system is the method used by a society to produce and distribute goods and services. Traditional economies rely on habit, custom, or ritual to decide what to produce, how to produce it, and to whom to distribute it.

What is the most important factor in the production?

Therefore, you could argue that labor is the most crucial factor of production.

What are the 4 factors of production and examples?

The Four Factors of Production

Land Labor Capital
The physical space and the natural resources in it (examples: water, timber, oil) The people able to transform resources into goods or services available for purchase A company's physical equipment and the money it uses to buy resources

Jun 15, 2021

What are the 4 factors of production?

In economics, factors of production are the resources people use to produce goods and services; they are the building blocks of the economy. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.

Which of the following is not included in the decisions that every society must make?

who will consume the goods.

What are the factors of production that are used to produce goods and services?

In economics, factors of production are the resources people use to produce goods and services; they are the building blocks of the economy. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.

What are the 4 types of consideration?

The various types of consideration are (1) a promise, (2) an act other than a promise, (3) forbearance, (4) a change in a legal relation of the parties, (5) money, or (6) other property.

What are the four types of consideration?

Types: Consideration could be a promise, performance, forbearance, or property with legal value, but the economic benefit is not required. A gift or gratuitous promise cannot be a consideration for they have no bargaining.