Question

The firm "Amazon" was experimenting with drone delivery technology to replace drivers of delivering in vans....

The firm "Amazon" was experimenting with drone delivery technology to replace drivers of delivering in vans. To which of the following economic questions does the above statement pertain?

Which resources are used to produce?
What to produce?
Who gets to consume?
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Answer #1

Answer: Which resources are used to produce?

The three basic economic questions are:

1. What to produce?

2. How to produce?

3. For whom to produce?

The problem of ‘how to produce’ means which combination of resources should be used for the production of goods and services. This also deals with which technology should be used in production. This question emphasises on three points:

a) Choice of production technique - capital intensive or labor intensive

b) Role of technology - Technology implies the right proportion in which the various factors of production should be applied.

c) In what quantity to produce?

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