Three Basic Economic Questions Laura sigala

What to Produce?

  • If society directed more to producing military equipment or other items like food, clothing, and housing. If the decision was made to produce more housing, would these resources be used for low income, middle class, or upper income housing? Society can't have everything, so they must decided what they want to produce.

How to produce?

  • Most factory owners use mass production methods, which is using more machinery than people because the product won't be expensive and production won't cost as much. In areas with many unemployed people using less machinery would be a better method.

For whom to produce?

  • When producing items there needs to be a decision for who the product is for. If society decided to build house, would they be given to workers, professional people, or government employees. A choice must be made to see who will get existing supply, and to satisfy society's unlimited wants.

Credits:

Created with images by Brett_Hondow - "piggy bank pig piggy" • STVIOD - "cambridge building structure" • Pexels - "blur city clothes line" • Pakistan - "pakistan military weapons" • Couleur - "pretzels fritters baked goods" • titidianita - "coins money change" • kerttu - "machinery destruction abandoned factory" • Grzegorz-Skibka - "way people employees" • titidianita - "coins money change"

Made with Adobe Slate

Make your words and images move.

Get Slate

Report Abuse

If you feel that this video content violates the Adobe Terms of Use, you may report this content by filling out this quick form.

To report a Copyright Violation, please follow Section 17 in the Terms of Use.