what are the 3 economic questions?
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In the end, however, these choices boil down to three basic questions. The Three Fundamental Economic Questions: What to Produce, How, and for Whom? industrial nation like the United States—must answer three fundamental economic questions. Each society answers these questions differently, depending on its priorities.
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['Three Types. There are three types of economic indicators: Leading, Lagging and Coincident.', 'Leading. Leading indicators help to predict what the economy will do in the future. ... ', 'Lagging. Lagging indicators confirm what leading indicators predict. ... ', 'Coincident.']
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['#2. What product will I manufacture? ... ', '#5. What would be the product costing, pricing, and profit margin? ... ', '#7. How can I finance my enterprise? ... ', '#9. How will I protect myself and the business from liability risks?']
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Three basic questions have to be addressed: What goods and services will be produced? How will these goods and services be produced? This means who will do the production and which methods of production will be used.
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["Ask 'what, when, where, who' to gather fact and context.", "Ask 'how do you' to uncover processes and flows.", "Ask 'how might we' to investigate opportunities.", "Ask 'why' to find underlying reasons and motivations."]
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['How old is the child?', "How much is spent on the child's food, clothing, and educational needs?", 'How much for visits to the doctor, to the dentist, to the optician?', 'How much for child care, for a nanny or babysitter?']
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['Co-existence of the Private and Public Sectors. ... ', 'Existence of Joint Sector. ... ', 'Regulation of Private Sector. ... ', 'Planned Economy. ... ', 'Private Property. ... ', 'Provision of Social Security. ... ', 'Motive of Business Concerns. ... ', 'Reduction of Inequalities of Income and Wealth.']
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['What goods/services should be produced?', 'How should they be produced?', 'Who consumes these?']
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['Capitalism. The United States is a capitalist economy. ... ', 'Freedom of Choice. The consumer is king in the US economy. ... ', 'Open Markets. Our economy is one of the most open economies in the world, and it thrives on competition. ... ', 'Free Markets. ... ', 'Property Rights.']
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['Full employment.', 'Price stability.', 'A high, but sustainable, rate of economic growth.', 'Keeping the balance of payments in equilibrium.']
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['Economic Growth.', 'Economic Equity and Social Justice.', 'Full Employment.', 'Economic Self-Reliance.', 'Modernisation.']
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What are the three economic questions every society must answer? What goods and services should be produced? How should they be made? Who consumes these goods and services?
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['Needs, wants, and demands,', 'Market offerings such as products, services, and experiences,', 'Value, satisfaction, and quality,', 'Exchange, transactions, and relationships, and.', 'Markets.']
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['"Can you explain end-to-end process of accounts payable?"', '"What is a workflow?"', '"What is consolidation?"', '"What is interest on capital?"', '"What is a non-PO invoice?"']
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An economic system is any system of allocating scarce resources. Economic systems answer three basic questions: what will be produced, how will it be produced, and how will the output society produces be distributed? There are two extremes of how these questions get answered.
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['What goods and services should be produced?', 'How should these goods and services be produced?', 'Who consumes these goods and services?']
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Goals. In thinking about the overall health of the macroeconomy, it is useful to consider three primary goals: economic growth, full employment (or low unemployment), and stable prices (or low inflation). Economic growth ultimately determines the prevailing standard of living in a country.