The economic questions about what and how to produce in an economy is solely answered...
ECONOMICSJAMB 2017
The economic questions about what and how to produce in an economy is solely answered by the _______?
- A. government
- B. labour union
- C. private and public enterpriser
- D. system of economy practised
Correct Answer: D. system of economy practised
Explanation
Every society answers the three basic economic questions differently, in doing so, each confronts the same fundamental problems: resources allocation and scarcity. For every society, the answer to the three basic questions depend on what kind of economic system it uses. The term economic system refers to the way in which a society organize the production and distribution of goods and services.
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