The three fundamental economic questions are what to produce whom to produce and_________?

Q: 1. Identify the four basic inputs to an economic system, and give examples for each of them.

A: Economic System is a structural organization which allocates resources, and plays the basic…

Q: Which of the following economic systems are concerned with addressing the fundamental economic…

A: The correct answer is;

Q: The present choice between investing in capital goods and producing consumer goods now affects the…

A: Consumer products are only useful in the short term and do not generate wealth. Capital items will…

Q: Which one of the following statements is positive (as opposed to normative)? O Jimmy prefers rock…

A: Hello. Since you have posted multiple questions and not specified which question needs to be solved,…

Q: In what way is appoed economics important in tackling economic issues or problems of the country?

A: Applied economics is the appliance of financial assumption to conclude the expected outcome allied…

Q: Provide one example of a macro economic question, and one example of a micro economic question, and…

A: Macroeconomics: It is the wider concept then the microeconomics concept , that is if we consider the…

Q: What are the 3 basic economic questions?

A: The three basic questions in economics is are based on the choices that societies should answer in…

Q: According to the principle of  ___________ a society’s economic system molds the society’s legal…

A: Research across disciplines indicates that cultures ultimately shape our thought habits across…

Q: Two classes of Schumpeter’s dynamic evolution of economy? In his view, write down five combinations…

A: The economics as a study is associated with the allocation of the limited resources with the…

Q: How might the quality of life ultimately be determined and measured?

A: Standard of living is the level of comfort, necessities, material goods, and wealth available to the…

Q: Intro to Economic Systems What is a "market"? The Circular Flow Incomes lHouse- holds Businesses…

A: What is Market A market is a gathering area where people can come together to exchange products and…

Q: Which of the following types of economy describes the economy of the SULTANATE OF OMAN? A ) Amarket…

A: Market Economy: In this economy, the production and prices are determined by the private ownership…

Q: Q.1. Explain with examples various economic systems exist in the world. Oman following which…

A: sorry for inconvenience however i can only answer 1 question (upto 3 subparts) in one session.

Q: Define in your own words what is production and what are the factors that enhances the production in…

A: Introduction and definition if production is given below:

Q: What are disadvantages of free market economy ?

A: Free Market Economy is the one in which buyers and sellers act in self-interest. It is open for…

Q: kinds of economy?

A: 1. Haiti is a Market Economy in which the forces of demand and supply regulate the market.  2. China…

Q: The core of most economics debates comes back to the three core questions that we are trying to…

A: The laissez faire approach is the economic system which required minimum government involvement and…

Q: Imagine a graph showing production possibilities. What does an outward shift of the production…

A: The PPC (production possibility curve) demonstrates the trade-off faced by the economy producing two…

Q: Discuss  A Self-Sufficient Economy

A: Economics is a social science which studies the efficient allocation of the scarce resources in the…

Q: What does productivity growth has to do with economics?

A: One of the key sources of economic growth and competitiveness is the term called Productivity due to…

Q: The challenge of how to achieve the highest possible satisfaction of needs using scarce resources is…

A: Hi! Thank you for the question as per the honour code, we’ll answer the first question since the…

Q: A good economic theory

A: Economic theory is a set of broad ideas or assertions that attempt to explain economic reality. It…

Q: In a world of scarcity, it is impossible to: A. Satisfy all basic human needs B. Meet all of…

A: Scarcity: It means limited availability of goods and services.

Q: What are the advantages and disadvantages for a country to implement economic planning?

A: Since you have asked two questions, I am answering the first one for you. Economic planning refers…

Q: Which of the following is not an issue that economists are interested in microeconomics? Lütfen…

A: Microeconomics is a social science that investigates the consequences of incentives and actions,…

Q: What are three basic economic questions?

A: Economics is the subject that studies how to allocate the limited resource between the unlimited…

Q: Economy can be represented by economic models. One of the models we use to understand economy is a…

A:

Q: With the aid of diagram, explain the economic concept of scarcity, efficiency and full employment…

A: The economic concept of scarcity, efficiency and the full employment and the trade off are the…

Q: economy not achieve multiple economic goals simultaneously?

A: Basic features of an economy are - 1) resources our scarce or limited  2) while wants are unlimited…

Q: The present choice between investing in capital goods and producing consumer goods now affects the…

A: Investment is the acquisition of productive capital made by an economy, in expectation of increase…

Q: Can an economic system based on the use of non-renewable resources maintain its standard of living…

A: A resource that is non-renewable is described as a natural substance that is not filled up with the…

Q: Identify the three main types of economic activities. Then tell one way that all three are similar…

A: Identify the three main types of economic activities:- Primary sector activities:- All activities…

Q: Define the basic terms in economics based on the pictures.

A: The photographs in the question is related to basic economic terms, which are as under.

Q: What do we mean when we say individuals are both products and producers of society.

A: A producer is defined as an individual who creates and supplies the goods and services in the…

Q: What do you think is/are the most effective and efficient economic system? Explain your answer…

A: The most effective and efficient economic system is mixed economic system. In this, there is a blend…

Q: Explain the central problem of “how to produce” in economics

A: According to the given question All the societies faces the economic problems in the country which…

Q: Economic Models? a. are essential representations of the real world b. are used to explain how…

A: Answer: Correct option: (a) Explanation: Economic models are used to find ways in which the economic…

Q: Which of these statements is not true? a. Macroeconomics addresses national economic issues b.…

A: In economics, economic agents have an important role in efficiently utilizing scarce resources so…

Q: What are the 3 basic economic problems? Briefly

A: An economic problem is one that arises as a consequence of a scarcity of resources and requires…

Q: "For whom is a given mix of goods and services to be produced? How, in other words, are the…

A: A market economy is an economic system in which economic decisions and the pricing of goods and…

Q: Economic models a) are precise replication of the real world  b) answer virtually unlimited…

A: An economy is a collection of organizations and structures that aid in the production and…

Q: In a market economy, (b) firms decide whom to hire and what to make. (a) households decide which…

A: Ans) the correct option is c) Both a and b are correct.

Q: List 5 important of economics

A: Answer: The study of economics enables us to reach the conclusion of a problem on the basis of data…

Q: Primary activities in economies can be thought of as economic production taken from the earth. True…

A: Primary activities: Primary economic activity includes anything and everything in the economy that…