Week 2-(8/15-8/19) Flashcards
1
Q
What are three economic questions?
A
- What should we produce?
- Who should receive the product?
- How should goods and services be produced?
2
Q
How do economies decide what to produce?
A
- consider what people need/want
- evaluate which resources are available
- plan how to use the resources
3
Q
How do economies decide who to get goods or services?
A
- consider who has the most need
- understand who is in a position of authority
- identify who has the greatest ability to pay
4
Q
How do economies decide how to produce in the economy?
A
- consider how things have traditionally been made
- explore how to produce at lower cost with higher quality
- determine how to make the most money
5
Q
What are three economic questions do businesses need to answer?
A
- What to produce?
- How to produce?
- For whom to produce?
