The four fundamental questions of economics are:<\/p>\n
1-What will be produced?<\/p>\n
2-How will the goods and services be produced?<\/p>\n
3-Who will get goods and services?<\/p>\n
4-How will the system accommodate changes?<\/p>\n
Answer<\/strong><\/p>\n The four basic questions of economics are what to produce, how it should be produced, for whom the product is being produced and finally accommodating change. What to produce is the determination of goods and services that will be produced in an economy based on consumer wants. This refers to decisions regarding the products consumers desire and are willing to pay for. Production focuses on the mix of resources, labor, capital, land and technology that are used to create goods or generate services. It evaluates the costs and benefits of various production techniques. To whom to produce focuses on the allocation of resources and ultimate goods and services among members in society. It focuses on the distribution of goods and services. Finally, the focus on adjusting to change refers to how an economic system copes with changes in resources technology and consumer preferences over time. Flexibility and adaptability are essential for any economy as new products come about while old ones become redundant. These four questions help to understand how an economy works.<\/p>\n","protected":false},"excerpt":{"rendered":" The four fundamental questions of economics are: 1-What will be produced? 2-How will the goods and services be produced? 3-Who will get goods and services? […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\n