In order to meet the needs of its people, every society must answer three basic economic questions:
- What should we produce?
- How should we produce it?
- For whom should we produce it?
What is the subject of economy?
Economics is a social science concerned with the production, distribution, and consumption of goods and services. It studies how individuals, businesses, governments, and nations make choices about how to allocate resources.
What are the three basic questions of Economics?
In order to meet the needs of its people, every society must answer three basic economic questions: 1 What should we produce? 2 How should we produce it? 3 For whom should we produce it? More …
How can I test my knowledge of Economics?
Test Your Economics Knowledge With This Quiz! Human wants are unlimited, but the resources used to meet them are scarce. This, therefore, means that organizations and governments need to know how to use these resources and meet human wants. Economics gives us an idea of how to do it. This practice test is for reviewing on your economics knowledge.
Who was the first person to ask the three economic questions?
While indirect attempts to answer these questions can be found in the writings of the ancient Greek philosophers Plato (c. 427–c. 347 bc ) and Aristotle (384–322 bc ), the questions were not articulated in their current form until economics was introduced as a discipline of study more than a thousand years later.
Why do you take the proprofs economics quiz?
Please take the quiz to rate it. Human wants are unlimited, but the resources used to meet them are scarce. This, therefore, means that organizations and governments need to know how to use these resources and meet human wants. Economics gives us an idea of how to do it. This practice test is for reviewing on your economics knowledge.
