Understanding the Three Questions of Economics The three questions of economics are based on decisions made by economies. What statement best describes why economies must make these decisions? O Economies must make these decisions because resources are unlimited, but production must be limited. O Economies must make these decisions because resources are limited. O Economies must make these decisions because consumers cannot make decisions on their own. O Economies must make these decisions to prevent producers from over-producing.
Understanding the Three Questions of Economics The three questions of economics are based on decisions made by economies. What statement best describes why economies must make these decisions? O Economies must make these decisions because resources are unlimited, but production must be limited. O Economies must make these decisions because resources are limited. O Economies must make these decisions because consumers cannot make decisions on their own. O Economies must make these decisions to prevent producers from over-producing.
Chapter1: The Role And Method Of Economics
Section: Chapter Questions
Problem 8P
Related questions
Question
Expert Solution
Step 1
Economics refers to the household management and maintaining constant balance between the business activities and the household activities during a given period of time. Economics is referred as the queen of social science.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Exploring Economics
Economics
ISBN:
9781544336329
Author:
Robert L. Sexton
Publisher:
SAGE Publications, Inc
Brief Principles of Macroeconomics (MindTap Cours…
Economics
ISBN:
9781337091985
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Principles of Economics 2e
Economics
ISBN:
9781947172364
Author:
Steven A. Greenlaw; David Shapiro
Publisher:
OpenStax
Exploring Economics
Economics
ISBN:
9781544336329
Author:
Robert L. Sexton
Publisher:
SAGE Publications, Inc
Brief Principles of Macroeconomics (MindTap Cours…
Economics
ISBN:
9781337091985
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Principles of Economics 2e
Economics
ISBN:
9781947172364
Author:
Steven A. Greenlaw; David Shapiro
Publisher:
OpenStax