One of the three economic questions deals with deciding
Question
One of the three economic questions deals with deciding
Solution
Step 1: Define the Problem
Identify the key components of the question that need to be addressed: The question is asking about one of the three fundamental economic questions.
Step 2: Break Down the Problem
Divide the problem into smaller, manageable parts:
- Identify the three fundamental economic questions.
- Determine which question deals with deciding.
Step 3: Apply Relevant Concepts
Use appropriate academic theories or formulas to solve each part of the problem:
- The three fundamental economic questions are:
- What to produce?
- How to produce?
- For whom to produce?
Step 4: Analysis, Verify and Summarize
Analysis each part in details if necessary carry out the calculations by steps. Verify the calculations result and summarize the findings:
- The question "What to produce?" deals with deciding which goods and services should be produced based on the needs and wants of the society.
Final Answer
The economic question that deals with deciding is "What to produce?"
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