Three Basic Questions Economics

WHAT to produce: A society cannot have everything its people want, so it must decide WHAT to produce.
HOW to produce: On the other hand, mass production methods in countries where machinery and equipment are widely available can often lower production costs. Lower costs make manufactured items less expensive and, therefore, available to more people.
From WHOM to produce: After a society decides WHAT and HOW to produce, the things produced must be allocated to someone.
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