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The three economic questions that every society must answer are A. What goods will be produced, how will they be produced, and who will receive the goods? B. What are the prices of goods, how are they determined, and who will pay for them? C. What economic system will be used, how will it be implemented, and who will make market decisions D. What kind of government will the society have, how will it be run, and who will run it?

Ask by Goodwin Klein. in the United States
Feb 03,2025

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The correct answer is: **A. What goods will be produced, how will they be produced, and who will receive the goods?**

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The correct answer is: **A. What goods will be produced, how will they be produced, and who will receive the goods?** ### Explanation: Every society, regardless of its economic system, must address the following three fundamental economic questions: 1. **What goods and services will be produced?** - This involves deciding which products and services are necessary or desirable for the community based on available resources and needs. 2. **How will the goods and services be produced?** - This pertains to the methods and resources used in production, such as labor, technology, and capital. It involves decisions about the most efficient and sustainable ways to produce the chosen goods and services. 3. **Who will receive the goods and services?** - This addresses the distribution of the produced goods and services among members of society. It involves determining who gets what based on various criteria like needs, contributions, or market mechanisms. **Option A** accurately reflects these three essential questions, making it the correct choice. The other options pertain to different aspects of economics or governance but do not encapsulate these foundational economic decisions.

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Every society, regardless of its economic system, must grapple with the fundamental economic questions. This stems from the need to allocate limited resources efficiently. For instance, in a capitalist economy, the market largely dictates the production and distribution of goods, while in a socialist system, the government plays a significant role in answering these questions to ensure equity and availability. Understanding these economic questions can help you become a savvy consumer and informed citizen. When you know what drives production and distribution, you can better navigate the marketplace, make thoughtful purchases, and even engage in discussions about economic policies and reforms in your community, ultimately shaping a more informed and active society.

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