Discuss the three fundamental economic questions that all nations must address

The three fundamental economic questions are the "What," "How," and "For Whom" questions which must be addressed by all societies. The "What" question pertains to what should the nation produce. What combination of goods would be best? How should that combination of goods be produced is the "How" question. We want to produce goods in the most efficient manner in order to maximize production. The "For Whom" question addresses for whom should these goods be produced. Who will get them?

Economics

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Say's law argues that I. overproduction is typical in a market economy. II. supply creates its own demand

A) I only B) II only C) Both I and II D) Neither I nor II

Economics

Markets will underproduce goods that yield external benefits and overproduce those that generate external costs.

Answer the following statement true (T) or false (F)

Economics