The Three Fundamental Economic Questions Are What, How, and Why

question 63

True/False

The three fundamental economic questions are what, how, and why.

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Definitions:

Innovative Ideas

Fresh, creative concepts that have the potential to lead to new products, services, or ways of doing business, offering competitive advantages.

Business World

The global environment comprising all fields of commerce and trade, where businesses operate and interact.

Internal Locus of Control

The belief that one's actions and decisions directly affect the outcomes and successes in their life, as opposed to external forces.

Entrepreneurs

Individuals who initiate, manage, and take on the risks of a business or enterprise.