Explore a diverse range of topics and get answers from knowledgeable individuals on IDNLearn.com. Discover in-depth and reliable answers to all your questions from our knowledgeable community members who are always ready to assist.
Sagot :
When a country decides to focus on advanced technology and a skilled labor force, it is primarily answering the basic economic question is - "Which wants to satisfy?"
What are three economic questions every nation must answer?
Any mechanism for distributing limited resources qualifies as an economic system. Three fundamental questions are answered by economic systems:
- what will be produced?
- How is it going to be made?
- How will society distribute the products it produces?
There are two extremes in the responses to these queries. In command economies, the government makes choices on the distribution of resources as well as the distribution of output and consumption. In market economies, the factors of production and consumption are all coordinated via markets, and private ownership of resources is formed through property rights.
To learn more about economics from given link
https://brainly.com/question/17996535
#SPJ4
We are delighted to have you as part of our community. Keep asking, answering, and sharing your insights. Together, we can create a valuable knowledge resource. Thank you for visiting IDNLearn.com. We’re here to provide accurate and reliable answers, so visit us again soon.
