Question

Use the drop-down menus to complete each sentence.

Answer 1

Answer:

• Land, labor, and capital also are known as factors of Production
• Economies must answer the three economic questions because resources are Limited
• If an economy does not answer the three economic questions, resources may Run out
• Negative consequences can result when an economy does not answer the three economic questions.

Explanation:

The three basic economics question that must be answered are:

• What goods and services will be produced?
• How will the goods and service will be produced?

• Who will consume the goods and services?

Every society must answer these three question in order to meet the needs of its people. Every society answer these 3 basic questions differently, but each encounters the same fundamental problems, that are resourcea allocation and scarcity.