Question

The first economic question is, " who gets the goods and services produced"! Please select the best answer from the choices provided T F

Answer 1

This answer is false. Your answer is the third economic question.

There are four basic economic questions.:

1. What good and services and how much of each to produce?

2. How to produce?

3. For whom to produce?

4. Who owns and controls the factors of production?

The first question is answered by consumers (demand, the amount of money to spend), the second by producers (competition for sales and profits), the third by who have the money to buy the products, the fourth by who provides/owns the land and resources, labor and capital.