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?
A, B, C, D, E
To determine the basic economic questions, we need to consider the fundamental aspects of an economy. The basic economic questions are used to allocate resources and make decisions about production, distribution, and consumption. Let's analyze each option to see which ones align with the basic economic questions:
A. Where should goods be produced? - This question relates to the allocation of resources and production decisions. It addresses the geographic location or country where goods should be manufactured or produced.
B. How should goods be produced? - This question involves the methods and techniques used in the production process. It deals with factors like technology, labor, and capital employed to produce goods.
C. What goods are produced? - This question focuses on the selection of goods and services to be produced. It determines what types of products or services will be offered in the market.
D. Which resources can be used for goods? - This question relates to the availability and utilization of resources for production. It involves assessing the resources, such as land, labor, capital, and entrepreneurship, that can be employed to manufacture goods.
E. Who receives the produced goods? - This question pertains to the distribution of goods and explores who gets access to the produced items. It addresses the allocation and sharing of goods among individuals, households, or groups.
F. Why will people buy the goods? - While understanding consumer behavior is important, the question of why people will buy the goods is not considered one of the basic economic questions. It primarily falls under the domain of market analysis and marketing strategies.
Based on this analysis, the options that align with the basic economic questions are:
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?
So, the correct options are A, B, C, D, and E.
The basic economic questions are:
A. Where should goods be produced?
B. How should goods be produced?
C. What goods are produced?
E. Who receives the produced goods?