Question

1. what are the three basic economic questions? *

what products will be produced; how will products be produced; and how will products will allocated
when will products be produced; how will products be produced; and how will products be allocated
when will products be produced; what products will be produced and how will products be allocated
where will products be produced; when will products be produced; and what products will be produced

1. the process or activity of using goods is called *

production
exchange
consumption
distribution

Explanation:

• For question 31: In economics, the three fundamental questions are about what to produce (deciding the types of goods and services), how to produce (the methods and resources used in production), and for whom to produce (the allocation of the produced goods and services).
• For question 32: Consumption is defined as the using up of goods and services for satisfaction of wants. Production is creating goods, exchange is trading, and distribution is sharing among different entities.

Answer:

1. What products will be produced; how will products be produced; and how will products will allocated
2. consumption