what are the basic economic questions
1. What to produce: This question addresses what goods and services should be produced in an economy, taking into account consumer demand, available resources, and technology.
2. How to produce: This question considers the most efficient and cost-effective methods of production, including factors such as labor, capital, and technology.
3. For whom to produce: This question pertains to how goods and services should be distributed among the population, ensuring that everyone has access to the basic necessities of life.
4. How to distribute: This question involves determining how resources and income are allocated among individuals and households, including issues of inequality and poverty.