Question

The questions of economics address which of the following? Check all that apply
Who
What
When
Where
Why
How

Answer 1

The correct answers are:

• What
• How
• Who

The three fundamental questions that every economic sytems has to answer are the following:

• What to produce
• How to produce it
• Who will enjoy that production

If the markets are in charge of answering these questions, then it is a market economy. On the other hand, if the goverment provides the answers to them, then it is a command economy. And, finally, if both markets and goverments contribute to the provision of answers to these questions, then that is a mixed economy.

Answer 2

Economics address the questions of A. Who?, B. What?, and F. How?.

What are the economic questions?

Economics, which studies the production, distribution, and consumption of goods and services in society, asks and addresses three basic questions, including:

• What to produce?
• How to produce it?
• For whom should we produce it? (Who receives the goods and services?)

And the purpose of the questions is to satisfy human needs with scare resources.

Thus, the questions of economics address Options A, B, and F.

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