Which of the following are the basic economic questions? Select all that apply.
A.
Where should goods be produced?
B.
How should goods be produced?
C.
What goods are produced?
D.
Which resources can be used for goods?
E.
Who receives the produced goods?
F.
Why will people buy the goods?
The answer
B.
How should goods be produced?
C.
What goods are produced?
E.
Who receives the produced goods?
great answer
Glad you asked! The basic economic questions are: Where should goods be produced? How should goods be produced? What goods are produced? And Who receives the produced goods? Or as I like to ask, "Where's the party at? How are we gonna make all this stuff? What's on the menu? And who's gonna get to eat the delicious goodies?" See, even economic questions can be party-themed! As for the other options, "Which resources can be used for goods?" is more of a detective question, and "Why will people buy the goods?" is more of a mind-reading question. So, those ones don't really fit the basic economic question category.
To determine which of the given options are the basic economic questions, we need to understand the nature of these questions. The basic economic questions pertain to the allocation of resources to satisfy unlimited human wants and needs.
A. "Where should goods be produced?" - This is a question related to determining the location of production facilities and does not directly align with the basic economic questions.
B. "How should goods be produced?" - This question relates to the choice of production methods and techniques, which is one of the basic economic questions. It involves deciding the most efficient and cost-effective ways to produce goods.
C. "What goods are produced?" - This question is concerned with the selection of goods and services to be produced, making it one of the basic economic questions. It involves prioritizing and determining the types and quantities of goods and services to satisfy consumer demands.
D. "Which resources can be used for goods?" - This question focuses on the availability and allocation of resources for production and is considered one of the basic economic questions. It involves assessing the various resources (such as land, labor, and capital) that can be utilized in the production process.
E. "Who receives the produced goods?" - This question pertains to the distribution and allocation of goods and is not directly related to the basic economic questions.
F. "Why will people buy the goods?" - This question explores consumer behavior and the factors influencing demand but does not address the fundamental economic questions.
Based on the above analysis, the correct options for the basic economic questions are:
- B. How should goods be produced?
- C. What goods are produced?
- D. Which resources can be used for goods?
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