The three basic questions in Economics are all of these, except “When to produce”
Explanation:
Every community should address three important economic questions to address the needs of its citizens.
- What are we supposed to produce?
- How are we supposed to produce it?
- For whom are we supposed to produce it?
It could be determined by a group (or country) to manufacture sweets, vehicles, computers or shoes. Such products could be manufactured in private industries by unskilled labour or by experts at facilities funded by governments.
When they are made, the goods may be given free of charge to the poor or sold at high costs that only the wealthy can afford. There are infinite possibilities.