What are the three basic economic questions each society must answer?

Question

Quizplus · Accepted Answer

These questions are known as the fundamental economic questions and each society must answer them in order to allocate its scarce resources efficiently. "What to produce?" refers to deciding which goods and services should be produced given the limited resources. "How to produce?" refers to choosing the most efficient production methods to minimize costs. "For whom to produce?" means deciding how to distribute the goods and services among the members of society. Answer A covers all three questions appropriately.

What Are the Three Basic Economic Questions Each Society Must