Question: Give a situation and provide a product. Provide an answer to these 3 questions. Because of scarcity every society or economic system must answer these

Give a situation and provide a product. Provide an answer to these 3 questions.

Because of scarcity every society or economic system must answer these three (3) basic questions:

1. What to produce? ? What should be produced in a world with limited resources? ...

2. How to produce? ? What resources should be used? ...

3. Who consumes what is produced? ? Who acquires the product?

Give a situation and provide a product. Provide an answer to these

The Basic Economic Problems of the Society . What to Produce? How much? . How to Produce? For whom to produce

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