Why must every nation answer the three fundamental economic questions?

Question

Why must every nation answer the three fundamental economic questions?

Quizplus · Accepted Answer

Every nation must answer the three fundamental economic questions because of the problem of scarcity. Scarcity refers to limited resources that cannot satisfy unlimited human wants and needs. Since every nation has to allocate its scarce resources, it must address the three economic questions: What to produce? How to produce? For whom to produce? This is necessary to ensure that the nation's resources are utilized in the most efficient and effective way possible.

Why Must Every Nation Answer the Three Fundamental Economic Questions