Answer: Who has the greatest need . The consideration that must be addressed when deciding for whom to produce is to determine who needs the goods and services that are to be produced.
Which factors are considered when deciding how do you make goods?
Factors considered when deciding how to make goods and services are land, labor and capital . Explanation: In an economy, to make any goods and services in a better way we need three things – land, labor and capital.
What are the three main questions of economics addresses who should?
One of the three main questions of economics addresses who should: produce goods and services . market goods and services. receive goods and services.
What are the 3 questions of economics?
- What to produce? ➢ What should be produced in a world with limited resources? ...
- How to produce? ➢ What resources should be used? ...
- Who consumes what is produced? ➢ Who acquires the product?
What is one of the main questions of economics involves deciding upon the method for?
- One of the main questions of economics involves deciding upon the method for. ...
- A society decides that it needs to produce more corn to feed the growing population. ...
- Which of the following is an example of a land resource? ...
- Which consideration must be addressed when deciding for whom to produce?
What must it do before it begins the production process?
The crop would need land, water, and people as well as money and technology to begin the process. These elements need to be collected before going forward or the composition would fail.
What was the role of the three questions of economics?
An economic system is any system of allocating scarce resources. Economic systems answer three basic questions: what will be produced, how will it be produced, and how will the output society produces be distributed?
Which statement best describes a pure market economy?
The decisions made by producers and consumers drive all economic choices best describes pure market economy.
What do the questions of economics address?
The main questions of economics are: How to produce? What to produce? For whom to produce?
What are the 5 economic questions?
- What will be produced?
- How will goods and services be produced?
- Who will get the output?
- How will the system accommodate change?
- How will the system promote progress?
What are the 4 factors of economics?
Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship .
What are the four basic economic questions?
The four basic economic questions are (1) what goods and services and how much of each to produce, (2) how to produce, (3) for whom to produce, and (4) who owns and controls the factors of production . In a capitalist economy, the first question is answered by consumers as they spend their money.
What is one way economics can influence your daily life?
What is one way that economics can influence your daily life? By helping you to understand that every choice has a trade-off . ... A person studying economics can make better choices about purchases if that person understands: goods.
Which activity would a consumer most likely perform?
Which activity would a consumer most likely perform? sufficient products to meet consumer wants .
How are individuals and economies similar?
Based on the lesson, how are individuals and economies similar? They both must decide how to allocate resources . They both must carefully categorize available resources. ... They both must decide how to allocate resources.
What are the processes of production?
Let’s review what we’ve learned. Production consists of a process of turning inputs, such as labor and raw materials, into finished goods or services. Production processes vary and include mass production, batch production, flexible manufacturing and just-in-time-production.
