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Which of the following is not one of the four central questions that the study of economics is supposed to answer?
- a)Who produces what?
- b)When are goods produced?
- c)Who consumes what?
- d)How are goods produced?
Correct answer is option 'B'. Can you explain this answer?
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Which of the following is not one of the four central questions that t...
Central Questions of Economics
Economics is the study of how resources are allocated to satisfy human wants. It is a social science that deals with the production, distribution, and consumption of goods and services. The study of economics is supposed to answer four central questions which are:
a) Who produces what?
b) When are goods produced?
c) Who consumes what?
d) How are goods produced?
Explanation
Out of the four central questions of economics, the question "When are goods produced?" is not one of them. The other three questions are essential to understanding how an economy works.
Who produces what?
This question deals with the allocation of resources and the production of goods and services in an economy. It involves identifying the factors of production (land, labor, capital, and entrepreneurship) and determining how they are combined to produce goods and services.
Who consumes what?
This question deals with the distribution of goods and services in an economy. It involves identifying the different groups of consumers (individuals, households, businesses, and government) and determining how they allocate their resources to purchase goods and services.
How are goods produced?
This question deals with the production process of goods and services in an economy. It involves identifying the different methods of production (labor-intensive, capital-intensive, and technology-intensive) and determining how they are used to produce goods and services.
Conclusion
In conclusion, the study of economics seeks to answer four central questions, which are who produces what, who consumes what, how are goods produced, and when are goods produced. These questions are essential to understanding how an economy works and how resources are allocated to satisfy human wants.
Economics is the study of how resources are allocated to satisfy human wants. It is a social science that deals with the production, distribution, and consumption of goods and services. The study of economics is supposed to answer four central questions which are:
a) Who produces what?
b) When are goods produced?
c) Who consumes what?
d) How are goods produced?
Explanation
Out of the four central questions of economics, the question "When are goods produced?" is not one of them. The other three questions are essential to understanding how an economy works.
Who produces what?
This question deals with the allocation of resources and the production of goods and services in an economy. It involves identifying the factors of production (land, labor, capital, and entrepreneurship) and determining how they are combined to produce goods and services.
Who consumes what?
This question deals with the distribution of goods and services in an economy. It involves identifying the different groups of consumers (individuals, households, businesses, and government) and determining how they allocate their resources to purchase goods and services.
How are goods produced?
This question deals with the production process of goods and services in an economy. It involves identifying the different methods of production (labor-intensive, capital-intensive, and technology-intensive) and determining how they are used to produce goods and services.
Conclusion
In conclusion, the study of economics seeks to answer four central questions, which are who produces what, who consumes what, how are goods produced, and when are goods produced. These questions are essential to understanding how an economy works and how resources are allocated to satisfy human wants.
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Which of the following is not one of the four central questions that t...
The other three includes in the Basic or Central problem of an Economy.. Which combines --> What to Produce ---> How to produce ---> For whom to produce But B option shows when the goods are to be produced it is directly or indirectly will be covered in how to produce because the finishing of the products will be done under How to produce either by Captial Intensive techniques or by Labour Intensive techniques..
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Which of the following is not one of the four central questions that the study of economics is supposed to answer?a)Who produces what?b)When are goods produced?c)Who consumes what?d)How are goods produced?Correct answer is option 'B'. Can you explain this answer?
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