The Three Economic Questions Daniel castillo

What to produce?

When deciding what to produce you need to know who are the people you are targeting with the limited resources that are obtained. For example will you be making weapons for the military or cleaning products for the civilians. Another key factor is who you are targeting people with low income, medium income or high income

How to produce?

The second question is HOW are you going to supply the people with the high demands with so limited resources. Depending on the situation you can use two different methods of creating products through machinery or through labor. If you are in a region with many unemployed people the second choice is better. However mass production cost less to make more product which allows for more people to have the product

For Whom to Produce?

who should get it? the first person in line? the highest bidder? If the resources are limited who should be able to get the product government workers, professionals or to workers. Another key factor is choosing a demographic for who you are trying to sell. Depending on the region of high to low income the price of the product may vary.

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