What to Produce, How to Produce, and for Who to Produce

question 27

True/False

What to produce, how to produce, and for who to produce are the three fundamental economic questions.

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Definitions:

Opportunity Cost

The worth of the best alternative option given up due to a decision made.

Production

The method of merging different material and immaterial inputs, such as plans and expertise, to produce something that can be consumed.

Opportunity Cost

The penalty for not embracing the immediate subsequent advantageous alternative when choosing.

Coffee

A brewed drink prepared from roasted coffee beans, which are the seeds of berries from the Coffea plant.