What Are the Three Fundamental Questions That Any Economy Must

question 5

Multiple Choice

What are the three fundamental questions that any economy must address?

• A)What will be the prices of goods and services; how will these goods and services be produced; and who will receive them?
• B)What goods and services will be produced; how will these goods and services be produced; and who receives them?
• C)Who gets jobs; what wages do workers earn; and who owns what property?
• D)How much will be saved; what will be produced; and how can these goods and services be fairly distributed?

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Definitions:

CPM Network

Critical Path Method Network is a project management tool that identifies key tasks and estimates the shortest completion time for a project by highlighting critical path activities.

Normal Cost

The typical or standard cost of producing a good or service, considering direct labor, materials, and overhead.

Critical Path

The longest sequence of activities in a project, which determines the shortest time possible to complete the project.

Slack

A collaboration tool that allows teams to communicate in real-time through channels dedicated to specific topics, projects, or departments.