What are the three basic economic questions, Microeconomics

Assignment Help:

What are the "three basic economic questions" that economists often address when examining how much economic output is formed?

The three basic questions are:

a) what is produced,

b) how is it produced, and

c) for whom is  it produced.  

 


Related Discussions:- What are the three basic economic questions

Economic institutions, Since World War II, North Korea has had a centrally ...

Since World War II, North Korea has had a centrally planned economy in which the government makes the big decisions on how resources will be allocated. Why would you expect North K

Frictional and cyclical unemployment, Frictional and Cyclical Unemployment:...

Frictional and Cyclical Unemployment: Frictional Unemployment: It refers to unemployment caused by changes in individual labour markets. This is the type of unemploymen

Estimating and predicting cost, Estimating and Predicting Cost * Estima...

Estimating and Predicting Cost * Estimates of future costs can be obtained from a cost function, which relates cost of production to level of output and other variables which t

When is the economic theory useless, When is the economic theory useless? ...

When is the economic theory useless? One misunderstanding is to under-estimate the role of an economic theory. Several people thought an economic theory useless since they thin

Mrp systems - basic inputs, MRP systems - basic inputs  It has been es...

MRP systems - basic inputs  It has been estimated that in the USA where MRP was originated and developed by Oliver Wight and George Plossl (1985), virtually all Fortune 500 ma

Production theory, why does gap between the ATC curve and the AVC curve dec...

why does gap between the ATC curve and the AVC curve decreases as the level of output increases

Advantages of division of labour, Advantages of Division of labour: Di...

Advantages of Division of labour: Division of labour has advantages including the following: Development of Greater Skill by the Worker In division of labour, each

Market failure, Ask question using health care as an example explain how ma...

Ask question using health care as an example explain how markets fail due to different types of externalities arising from jointness in production and consumption

E-commerce, consumers oriented application

consumers oriented application

What is the equilibrium quantity?, Supply and demand for a given type of MP...

Supply and demand for a given type of MP3 player are given by the following equations: P=980-1.5Qd P=20+0.9Qs

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd