Three Essential Questions of Production
Three Essential Questions of Production
Economic Understandings Standard SS7E5:
The student will analyze different economic systems.
Every society must deal with providing goods and services
for its people.
Each society must also develop an economic system that can decide how to use the limited resources of that
society as well.
Three basic questions must be answered:
a) What goods and services must be produced?
b) How will these goods and services be produced?
c) Who uses the goods and services that are produced?
Definition:
An economic system is a collection of formal and informal institutions, laws, systems of beliefs, and values which provide a framework for collective decision making.
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