Which of these is NOT a basic economic problem of society?
Efficiency of resource use
For whom to produce
How to produce
Scale of production
What to produce
Correct answer is D
Scarcity, or limited resources, is one of the most basic economic problems we face. We run into scarcity because while resources are limited, we are a society with unlimited wants. The problem of
- What to produce
- how to produce and for
- Whom to produce are the basic economic problems of a society.
- Efficiency of resources used
Scale of production is a secondary production function.