Three basic decisions must be made by all economies. What are they?
A) how much will be produced, when it will be produced, and how much it will cost
B) what the price of each good will be, who will produce each good, and who will consume each good
C) what will be produced, how goods will be produced, and for whom goods will be produced
D) how the opportunity cost principle will be applied, if and how the law of comparative advantage will be utilized, and whether the production possibilities constraint will apply

Question

Quizplus · Accepted Answer

All economies must decide what goods and services will be produced, how they will be produced, and for whom they will be produced. These are the fundamental economic questions that address resource allocation and distribution.

Three Basic Decisions Must Be Made by All Economies