Question

You want to establish a successful economy that provides the greatest benefit to its citizens. What information about the country would you need to know in order to answer the three economic questions?

Answer 1

Answer--To establish a successful economy that provides the greatest benefit to its citizens,the country need to know in order to answer the three economic questions--

`1.What to produce--To establish a successful economy that provides the greatest benefit to its citizens, i should  must collect the information that what goods and services should be produced ,and what type of goods and services is demanded by the society and i should also provide the good quality of goods and services that must pass different standard criteria set by the government for the social welfare.

2.How to produce--How to produce is the question of production of goods and services , production process can take place by labor intensive or by capital intensive,in my view labor intensive is the better then capital intensive because labor intensive will create employment and by this it will benefit to its citizens and firm should also consider the costing of the commodity.

3.For whom to produce.--It a type of questions in which we have to decide that for which type of customers we need to produce goods and services.In poor regions of the country ,producers as well as government bodies should provide subsidiesd goods and services.it will promote the social welfare of country citizens .Commodity must be consider on the basis of economy condition of the consumers.