Discuss the three fundamental problems (what, how and for whom) of economics.

Expert Solution

What to produce depends on various reasons prevailing in the market . For instance , what the market consumes and what quantity is needed to satisfy the market .

Explanation:

Overproduction of commodities is associated with overexploitation of resources which is snot good for the economy. Therefore , it is possible to have lower consumption for the sake of future consumption.

How to produce commodities requires the technical know how and the right technology for production .Once the market has decided what to produce and in what quantity , the skill for production will be considered .Different production methods will result in the production of different goods .It depends on the supply factors .

For whom to produce to focuses on the problem of the consumption .It evaluates the consumption patterns .The distribution of products depends on the distribution of the income among the people .It dictates their purchasing power for commodities .It tries to solve the inequality problem in a society .

Rahul Sunny answered 2 years ago

Discuss the three following fundamental problems (what, how and for whom) of economics. What goods and...

Discuss the three following fundamental problems (what, how and for whom) of economics. What goods and services are being produced? How goods and services are being produced? For whom goods and services are being produced. Just explain little bit about these three problems.

1. Explain the three fundamental economic questions of What, How and for whom, stating clearly the...

1. Explain the three fundamental economic questions of What, How and for whom, stating clearly the considerations that determine each question by answering: a. What goods and services will be produced? b. How will the goods and services be produced? c. Who will get the goods and services produced?

The entire managerial economics revolve around what to produce, how toproduce, and for whom to produce....

The entire managerial economics revolve around what to produce, how toproduce, and for whom to produce. Mention the company where you are working (if you are not currently working consider your potential employer)and give appropriate examples and explanations to support the aforementioned statement.

What are the two fundamental problems of measurement?

Discuss three problems that can arise during strategy implementation. How can an organization overcome these problems?

outline the two fundamental theorems of welfare economics.

What are the three fundamental decisions the financial management team is concerned with, and how do...

What are the three fundamental decisions the financial management team is concerned with, and how do they affect the company’s balance sheet? What are the two basic sources of funds for all businesses? What is capital structure, and why is it important to a company? What are some of the working capital management decisions that a financial manager faces? What are the three forms of business organisation discussed in this chapter? What are the advantages and disadvantages of becoming a...

what is the second fundamental theorem of welfare economics ? please provide detail explanation and an...

what is the second fundamental theorem of welfare economics ? please provide detail explanation and an example for it

What are the primary features of the World's economics system and how are the three sectors...

What are the primary features of the World's economics system and how are the three sectors of the u.s. ecoomy linked?

What does zero-sum economics mean? To whom does wealth belong? What is the relationship between equality...

What does zero-sum economics mean? To whom does wealth belong? What is the relationship between equality and liberty? Does fairness demand economic sameness? Do justice and the common good require economic equality? How do individual differences play into notions of equal distribution of wealth?

Question