What Are the Three Basic Questions Faced by Every Economy

question 192

Multiple Choice

What are the three basic questions faced by every economy?

• A) What, how, and for whom will goods be produced?
• B) When, where, and how much will be produced?
• C) Why, where, and when will goods be produced?
• D) How, how much, and why will goods be produced?

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Definitions:

Rotter's LOC

A psychological concept developed by Julian B. Rotter, referring to an individual's belief about the underlying causes of events in their lives, denoting either internal or external locus of control.

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Feelings of uncertainty or anxiety about oneself; a lack of confidence.

College Internship

A period of work experience offered by an organization for a limited period of time, often undertaken by students to gain relevant skills and experience in a particular field.

Law Firm

An enterprise formed by one or more lawyers to engage in the practice of law, offering legal services to clients.