Question

shaniah learned from a cornell university website for beginning farmers that if she wants to start farming, she should consider what is demanded by society. which of these basic economic questions does this illustrate?

Answer 1

The advice from Cornell University represents the economic question 'For whom should we produce it?', one of the three basic economic questions centered around societal demands and market mechanisms.

Step-by-step explanation:

The advice from Cornell University for beginning farmers to consider what is demanded by society illustrates one of the three basic economic questions: 'For whom should we produce it?'. This question is concerned with identifying the target market or consumer group for the products that the farmer plans to produce. Societal demand is a critical factor in determining not only the target demographic but also the types of crops or products that will likely be successful in the marketplace.

In the broader sense, markets driven by demand and supply play a crucial role in answering three fundamental economic questions that every society faces:

• What should we produce?
• How should we produce it?
• For whom should we produce it?

These questions are essential as they determine the allocation of resources and influence the planning needed for production, addressing the needs and wants of the society effectively through the market mechanism.