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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.
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