the three questions of economics

Which of the following best illustrates the importance of addressing the three questions of economics? People's desires and needs are always changing. Businesses need to use limited resources wisely. Traditional methods of production are outdated. Businesses need to limit production.

Businesses need to use limited resources wisely.

Which of the following is an example of a labor resource? money available to be invested in a company water held in a reservoir a city's population electricity produced by a nearby power plant

a city's population

Read the following scenario. A clothing company wants to expand into new regions. It is looking at an urban area with very few vacant warehouses. The population is made up of people with average educations and a lower standard of living. The company is experiencing slower sales but has hopes that product will take off and be successful. Which of the factors of production will the company need to address most closely when making its decision to expand? land capital land and labor labor and capital

capital

Which of the following is an example of a land resource? cow factory employee tractor

cow

One of the main questions of economics involves deciding upon the method for distributing goods and services. creating goods and services. pricing goods and services. enhancing goods and services.

creating goods and services.

Resources needed to provide goods or services are called factors of production. facets of production. functions of production. facts of production.

factors of production.

Which of the following will be accomplished by efficient allocations of the factors of production? guaranteeing economic success understanding whether a product will fail fulfilling many needs and wants of society replenishment of limited resources

fulfilling many needs and wants of society

Fantastic Snack Company has spent months developing a new type of snack chip, but the chips are not selling. Which of the following is the most likely mistake Fantastic Snack Company made? conserving too valuable resources spending capital it did not have not researching production methods not meeting the wants of its consumers

not meeting the wants of its consumers

The three questions of economics best help in making decisions about

production

One of the three main questions of economics addresses who should produce goods and services. market goods and services. receive goods and services. distribute goods and services.

receive goods and services.

One of the three economic questions deals with deciding what goods and services should be produced. what the costs of production should be. how goods and services will be marketed. how consumers will receive products.

what goods and services should be produced.

The questions of economics address which of the following? Check all that apply who what where when why how

who what how