what are the 3 questions of economic?
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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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A society's values, such as freedom or tradition, guide the type of economic system that society will have. As a result of scarce resources, societies must answer three key economic questions: - What goods and services should be produced? - How should these goods and services be produced?
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What are the three major components of economic growth? Comment: Capital accumulation, labor force growth, and technological progress.
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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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['One commodity: ADVERTISEMENTS: ... ', 'Area: In economics, market does not refer only to a fixed location. ... ', 'Buyers and Sellers: ... ', 'Perfect Competition: ... ', 'Business relationship between Buyers and Sellers: ... ', 'Perfect Knowledge of the Market: ... ', 'One Price: ... ', 'Sound Monetary System:']
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Ans: The three major questions to be answered when we study about population are: (a) Population Size and Distribution. (b) Population Growth and Process of Population Change.
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['Different methods, such as Gross National Product (GNP) and Gross Domestic Product (GDP) can be employed to assess economic growth.', 'Gross Domestic Product measures the value of goods and services produced by a nation.']
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['Past Economic Performance. ... ', 'Current Global Conditions. ... ', 'Current Industry Conditions. ... ', 'Rate of Inflation. ... ', 'Internal Organizational Changes. ... ', 'Marketing Efforts. ... ', 'Seasonal Demands.']
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['Shortage of Labour or Capital: ... ', 'Nature of the Market: ... ', 'Managerial Capacity: ... ', 'Nature of the Industry: ... ', 'Operation of the Law of Diminishing Returns:']
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['Number of Sellers. ... ', 'Prices of Resources. ... ', 'Taxes and Subsidies. ... ', 'Technology. ... ', "Suppliers' Expectations. ... ", 'Prices of Related Products. ... ', 'Prices of Joint Products.']
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Consumption, saving, and investment are variable components in the economy that determine macroeconomic equilibrium. There are three main sectors of economic activity: primary, secondary, and tertiary.
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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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['Inflation – Inflation measures the cost of goods and services. ... ', 'Employment – People with jobs can spend and invest. ... ', 'Housing – In a land of increasing house prices, banks lend and the economy booms. ... ', 'Spending – We live in a consumption-based society. ... ', 'Confidence – Although it is elusive, confidence drives everything.']
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["Changes in the Gross Domestic Product (GDP) GDP is typically considered by economists to be the most important measure of the economy's current health. ... ", 'Income and Wages. ... ', 'Unemployment Rate. ... ', 'Consumer Price Index (Inflation) ... ', 'Currency Strength. ... ', 'Interest Rates. ... ', 'Corporate Profits. ... ', 'Balance of Trade.']
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The Goals of Economic Policy. There are four major goals of economic policy: stable markets, economic prosperity, business development and protecting employment.
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['Scarcity and Choice.', 'Efficiency(Productive & Allocative)', 'Price System(Demand and supply, utility and indifference curve)', 'Types of market structures(perfect competition, monopoly, oligopoly etc)', 'Factor market like the labour market.']
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['To what extent should the government intervene in the market? ... ', 'How to define economic welfare? ... ', 'To what extent can the government / Central Bank influence the macro-economy? ... ', 'What is the difference between micro and macroeconomics?', 'What are the uses and limitations of economic data?']