Question

9. What are the fundamental microeconomic questions?

Answer 1

The Fundamental Question of Microecomic is

1-What to Produce ?

2-How to Produce ?

3-Whom to Produce ?

What to Produce ? = Economy has Limited Resources.Every Demand cannot be fulfiled because means are limited wants are unlimited so we have to decide which wants to be fulfiled and which want not be fulfiled.

How to Produce ?= It gives a choice that which technique should we use during the Production of goods Should we use Labour Intensive or Captial Intensive ?

Whom to Produce ? = For which Section of the Society goods are to be produced. That are for Lower Class, Middle Class or Higher Class.