Give 4 economic fundamental questions
1. What to produce? This question refers to the decision of what goods and services should be produced to meet the needs and wants of society. It involves considering factors such as consumer demand, available resources, and technological capabilities.
2. How to produce? This question relates to the choice of production methods and techniques that will be employed to create goods and services. It involves considering factors such as labor and capital requirements, efficiency, and cost-effectiveness.
3. For whom to produce? This question pertains to the identification of the target market or intended beneficiaries of the goods and services produced. It involves considering factors such as income distribution, consumer preferences, and social welfare priorities.
4. How to allocate resources? This question involves determining the most efficient and equitable way to distribute scarce resources among different economic activities and sectors. It involves considering factors such as pricing mechanisms, market forces, and government intervention.