Question

In: Economics

1. Identify any three economic questions that all societies must answer and briefly explain why they...

1. Identify any three economic questions that all societies must answer and briefly explain why they must be answered.

2. In the context of production possibilities curve (PPC), explain how an economy can achieve economic growth?

3. Explain the concept of scarcity in economics.

Please explain using your own words.

Solutions

Expert Solution

The Three Economic questions are also called as central problem of an economy

1 What to produce?

2 How to produce?

For whom to produce?

The reason these should be answered is the Scarcity of resources in relation to their demand. Moreover they have alternative uses and human wants are unlimited and can not be satisfied in totality.

For example Wood can be used for furniture or Railway sleepers so we have to choose.

Rahul Sunny answered 1 year ago
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