Briefly explain the what, how and for who questions in economics and give examples of each questions.
1. What: This question relates to the economic activity or concept being analyzed. It seeks to identify the specific topic or issue that is being focused on in order to understand its impact or implications.
Example: What is the effect of minimum wage laws on employment levels?
2. How: This question examines the mechanisms or processes through which economic phenomena occur. It is concerned with understanding the methods or factors that influence economic outcomes.
Example: How do changes in interest rates affect consumer spending?
3. For who: This question considers the impact of economic decisions or policies on different groups or stakeholders within society. It seeks to understand who benefits or suffers from certain economic actions.
Example: For who do trade tariffs benefit and who do they harm?