the three basic economic questions are what to produce how to produce and?
535157
An economic system is any system of allocating scarce resources. Economic systems answer three basic questions: what will be produced, how will it be produced, and how will the output society produces be distributed?
1217256
Key Takeaways. The factors of production are the resources used in creating and producing a good or service and are the building blocks of an economy. The factors of production are land, labor, capital, and entrepreneurship, which are seamlessly interwoven together to create economic growth.
60047
['What goods and services should be produced?', 'How should these goods and services be produced?', 'Who consumes these goods and services?']
1398388
The main requirements for the production of goods and services are land, labor, physical capital, and human capital.
244035
['5 Economic Questions. By: Emily McKenzie 8-2 :', 'What goods and services are produced?', 'For whom are goods and services produced? Again, this can vary on the product. ... ', 'How are goods and services distributed? ... ', 'How are goods and services produced? ... ', 'Who Produces goods and services?']
1044425
['What to produce? Societies have to decide the best combination of goods and services to meet their varied wants and needs. ... ', 'How to produce? Societies also have to decide the best combination of factors to create the desired output of goods and services. ... ', 'For whom to produce? ... ', 'Free goods.']
78693
['1 – How do you make money?', '2 – Who are your customers?', '3 – What is your unique competitive advantage?']
1237959
['What goods/services should be produced?', 'How should they be produced?', 'Who consumes these?']
812590
['food cost and budgetary goals of the foodservice operation.', 'production capability, including available equipment and personnel.', 'type of service and food delivery system.', 'availability of foods.', 'the philosophy of the business and foodservice operation.']
647085
['For a commodity to have value, four Elements of Value must be present.', 'Utility. For a commodity or service to have value, it must be useful. ... ', 'Scarcity. Even if a thing has utility, it is not valuable unless it is scarce. ... ', 'Transferability. ... ', 'Demand.']
1440722
The four main factors of production are land, or the physical space and natural resources, labor, or the workers, capital, or the money and equipment, and entrepreneurship, or the ideas and drive, which are used together to make a successful attempt at selling a product or service according to traditional economic ...
745240
['Land. Labour refers to all natural resources. ... ', 'Labour. Labour is another input of production. ... ', 'Capital. Capital refers to all man-made productive assets used to further production. ... ', 'Entrepreneurship. ... ', 'Knowledge.']
379674
Efficient allocation of resources and the ability to produce goods at a fair price are the goals of economic efficiency. An economic system that attempts to answer the three basic economic questions through tradition.
855586
['Price of Goods or Services.', 'Consumers Income.', 'Price of Related Goods or Services.', 'Consumers Expectations.', 'Consumers Tastes.']
633974
GDP can be measured in three different ways: the value added approach, the income approach (how much is earned as income on resources used to make stuff), and the expenditures approach (how much is spent on stuff).
14437
['What should we produce?', 'How should we produce it?', 'For whom should we produce it?']
1141219
Three basic questions have to be addressed: What goods and services will be produced? How will these goods and services be produced? This means who will do the production and which methods of production will be used.