Which of the following is a summary of the three key economic questions? Question 17 options: Who will buy which goods and services, and how much will they pay? How, when, and from whom should consumers get what they want? When, where, and by whom should goods and services be produced? What goods and services should be produced, how, and for whom?

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Business

Kailyn Cochran

13 May, 08:28

Which of the following is a summary of the three key economic questions? Question 17 options: Who will buy which goods and services, and how much will they pay? How, when, and from whom should consumers get what they want? When, where, and by whom should goods and services be produced? What goods and services should be produced, how, and for whom?

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Answers (1)

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Belinda Cummings · Answer 1

Answer

Hi,

The correct answer option is {D} what goods and services should be produced, how and for whom?

Explanation

The three basic questions in economic revolve around the identity of the goods or services to produce, the mean of producing the goods and services and the clients/customers for the goods and services. Resources are the drivers for production which includes land, labor, capital and technology. The fact that resources are scarce, people need to answer the three basic economic questions to be able to fulfill their wants.

Best Wishes!