Given scarce resources, how societies go about deciding what to produce, how to produce it, and for whom to produce best describes
A) decreasing opportunity costs.
B) the fallacy of composition.
C) Ockham's razor.
D) the economic problem.

Question

Quizplus · Accepted Answer

The economic problem, also known as the basic or central economic problem, is about how societies decide what to produce, how to produce it, and for whom to produce given their limited resources. This encompasses the core of economic theory and practice, dealing with the allocation of scarce resources to meet the unlimited wants of individuals and societies.

Given Scarce Resources, How Societies Go About Deciding What to Produce