Question

the questions of economics

Answer 1

Ans) Economics is derived from the greek word 'economos', meaning 'one who manages households'. It is the study of scarcity and choice.

There are three basic questions that economics tries to answer ÷

1) What to produce? ÷ it tries to find what goods and services are desired by the market.

2) How to produce? ÷ it tries to answer what resources to use, which technology to employ etc.

3) For whom to produce? ÷ it tries to see who are the eligible consumers that get to use the product.