The three economic questions By: Alberto mendez

want to produce

This problem is what should the economy produce in order to satisfy consumer wants as best as possible using the limited resources available. If a country produces goods in a way that maximises consumer satisfaction then the economy is efficient.

How to produce

An economy achieves productive efficiency if it produces goods using the least resources possible. A productively effiecient economy is represented by an economy that is able to produce a combination of goods

For whom to produce?

Should the economy produce goods targetted towards those who have high incomes or those who have low incomes. What sort of demographic group should the goods in the economy that are produced be targetted towards?


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