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Question
what 3 economic questions are asked when studying the similarities of traditional, command, market, and mixed economies among nations of the world?
what to produce, how to produce, and for whom to produce?
what to produce, why to produce, when to produce?
what is your opportunity cost, why are economic resources needed, when should these resources be used?
what is your opportunity cost, what economic resources are needed, why should these resources be used?
In economics, the three fundamental economic questions that all economic systems (traditional, command, market, mixed) must answer are "What to produce" (determining the goods/services), "How to produce" (the production methods), and "For whom to produce" (distributing the output). The first option matches these three core questions. The other options include non - fundamental or incorrect questions (like "why to produce", "when to produce", or questions about opportunity cost and resource needs which are not the three basic economic questions for comparing economic systems).
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A. What to produce, how to produce, and for whom to produce?