Economic Questions Essay

645 Words Sep 8th, 2012 3 Pages
Economic Questions

“Why would a developing nation answer the three basic economic questions differently than a country like the United States?”

There are three basic economic questions that each and every society must answer to. The way that the society answers to these questions shape and define their economic system. The first economic question that they must answer to is “What Goods and Services Should We Produce?” The second question is “How Should We Produce Goods and Services?” The final question that a society must answer to is “For Whom Should We Produce Goods and Services?” Every society will most likely answer differently to each of these questions. The question asked was “Why would a
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They must also decide how many or how much of the goods and services they should produce. Before technology people planted their crops, but now nations may not be able to afford the advancements to produce the goods and services that they have decided upon. Now-a-days computers and technology have now again revolutionized manufacturing. Again if the products and services and require these types of manufacturing items it’ll be had since the have a poor economy. The third and final question asked was “For whom should we produce goods and services?” As you now we are all consumers in this world. Resources are limited, and so are goods and services. Depending upon a person’s wealth, affects the outcome of what type of goods and services they can receive. In a developing nation, just like economy, the people are also poor. If the goods produced are a necessity to the people, they won’t be able to afford them, and they will turn to their government. Depending on the amount of people who need these goods or services may leave a financial toll on the government. Since the U.S has many resources that are almost limitless they don’t have all of these things to worry about. Every day we produce lots of goods and products. There are poor families, but we still manage to get by. We

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