What goods and services will be produced?

Expert Solution

The question, " what goods and services will be produced" is the most basic questions in economics which deals with deciding which goods and services gives maximum utility to the consumer's.
While answering this question, the answer that comes to our mind is that we need to produce goods services that satisfy our basic needs and wants.
Basic needs include food, shelter, clothing etc, basic wants include luxury goods while the services include education, defence, health care etc.
But while producing these goods and services a producer may face many trade offs and opportunity costs.
This is because, the resources for producing these goods are limited and if resources are used up for the production of one good, then the other good cannot be produced efficiently.
Hence, only those goods and services must be produced that are very necessary for existance and must be produced in such a way that they leave some space and resources for the production of other basic goods and services.

Rahul Sunny answered 1 year ago

in a market economy who decides what goods and services will be produced?

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