Applied Economics Quiz

Asks what products and services an economy should focus on producing

• What should we produce?

• How should we produce it?

• For whom should we produce it?

• Why should we produce it?

Asks who should receive the final goods and services produced by the economy.

• What should we produce?

• How should we produce it?

• For whom should we produce it?

• Why should we produce it?

Forces societies to consider which of their members’ needs they will prioritize.

• What should we produce?

• How should we produce it?

• For whom should we produce it?

• Why should we produce it?

Asks what methods will be used in order to produce the goods and services needed.

• What should we produce?

• How should we produce it?

• For whom should we produce it?

• Why should we produce it?

All three economic questions focus on proper

What factors of production is scarce resources refer to time, money, and opportunities for new experiences?

• Micro level

• Macro level

Four Factors of Production?

In addressing this problem, societies are met with three economic questions of

Considered as one of the most important goals that an economy should strive for.

Measure of the welfare of an economy’s members