Question: How Are The Three Economic Questions Answered?

How are the 3 economic questions answered in a traditional economy?

economies answer the economic questions of (1) what to produce, (2) how to produce, and (3) for whom to produce.

What is produced.

based on custom and the habit of how such decisions were made in the past.

Many traditional economies are found in rural areas where people depend on members of their extended families..

What are the 3 economic questions that must be answered?

Every society must answer three economic questions:What goods and services should be produced?How should these goods and services be produced?Who consumes these goods and services?

What do the three economic questions mean?

three economic questions answered. what goods and services should be produced? how should these goods and services be produced? who consumes these goods are services. economic concept necessitating choices and priorities in any society.

What are the 3 basic economic decisions?

Answer and Explanation: The three basic decisions made by all economies are what to produce, how it is produced, and who consumes it.