Three Economic Questions Must Be Determined in All Societies

question 178

Multiple Choice

Three economic questions must be determined in all societies. What are they?

• A)​How much will be produced? When will it be produced? How much will it cost?
• B)​What will the price of each good be? Who will produce each good? Who will consume each good?
• C)​What is the opportunity cost of production? Does the society have a comparative advantage in production? Will consumers desire the goods being produced?
• D)​What goods will be produced? How will goods be produced? Who will get the goods produced?

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Definitions:

Decision-making Processes

Methods or protocols followed by individuals or organizations to arrive at conclusions or make choices from available options.

Human Experts

Individuals who possess extensive knowledge or skills in a particular area, often gained through years of experience or study.

Business Intelligence

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