What is Economics?
people make decisions and use those decisions for or in regards to limited resources.
What is the fundamental economic problem?
Scarcity is the fundamental economic problem this means there is limited resources.
What are the three basic economic questions?
"What to produce", this is asking what people need what is in demand. "How to produce" which is asking how one can make a product and what will be most beneficial. "For whom to produce" Who want the product finding the consumer.