Scarcity forces every economy in the world, regardless of its form of organisation, to answer three basic questions:
- What to produce. All economies must choose what particular goods and services and what quantities of these they wish to produce.
- How to produce. All economies must make choices on how to use their resources in order to produce goods and services. Goods and services can be produced by use of different combinations of factors of production (for example, relatively more human labour with fewer machines, or relatively more machines with less labour), by using different skill levels of labour, and by using different technologies.
- For whom to produce. All economies must make choices about how the goods and services produced are to be distributed among the population. Should everyone get an equal amount of these? Should some people get more than others? Should some goods and services (such as education and health care services) be distributed more equally?
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pdfs
- owner: Martinus - (no access) - ECONOMICS.pdf, p2
- owner: Manuel - (no access) - Economics - Ellie Tragakes - Second Edition - Cambridge 2012.pdf, p2
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