Scarcity of resources
Who is prouducing what are they prouducing and how are they producing
Societies answer the three economic questions based on their values!
The 3 basic questions in economics are: What to produce? How to produce? For whom to produce?
where should the products be produced
Scarcity of resources
Where should products be produced
Where should products be produced?
According to how the three basic economic questions are answered.
micro economics and macro economics
What are the principles of economics
the basic concern of economics is to study the choices people make
discuss the basic economic problem?