Three Basic Questions for Economics BY Jorge Flores

Needs and Wants: A need is a basic requirement for survival and includes food, clothing, and shelter. A wants is a way of expressing a need.

What to Produce: the society direct most of its resources to the production of military equipment or to other items such as food.

How to Produce: Some factory owners use mass production methods that require a lot of equipment and few workers.


Created with images by illustir - "Produce" • ideowl - "Oh, Industry!"

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