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true or false all economies must decide what to produce, how to produce it and who...

true or false all economies must decide what to produce, how to produce it and who gets the output
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It is true that all economies must decide what to produce, how to produce it and who gets the output. The reason is that economies have limited resources like factor and non factor of production to produce the maximum output. Production function is technical relation of input and output produce. The major aim of the producers to earn maximum profit by selling at the high price. Therefore, it is essential for economies to think what to produce, how to produce and for whom to produce before starting production.

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