Three Basic Economic Questions By Alejandro lopez

What to produce - A society cannot have everything so they have to focus on what they can do, Make things that are geographically easier for them.
How To Produce- There is two ways, The first is using mass production methods that require a lot of equipment and few workers. The second is to use less equipment and more workers. The second way is better if a lot of people in the area are unemployed while the first way can lower production cost and make the product more available to more people.
For Whom to Produce- After a society decides what and how to produce the last step is simple. The things produced must be allocated to someone.

These Questions concerning for WHAT, HOW, and FOR WHOM to produce are not easy for any society to answer. Nevertheless, they must be answered as long as there are not enough resources to satisfy people's seemingly unlimited wants

Created By
Alejandro Lopez


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