What is the role of the three questions of economics

Posted By Admin @ September 03, 2022


What is the role of the three questions of economics?


The role of the three questions of economics is to help in the production decision.

What are the three questions of economics?

The three questions of economics are:

1. What to produce?

This question helps in making decisions about what product should be produced and in what quantity.

2. For whom to produce?

This question determines the customer segment means a determination of customers for whom goods are to be produced.

3. How to produce?

This question decides about the decision of techniques of production, means produce will produce by applying labor segment or machine.

Therefore, the above three questions are called the main questions in economics which determines the decision determine of production.

Learn more about economics, refer:


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