Business Studies The function of an economy

The function of an economy

Basic economic problem: scarcity and choice

An economy is a framework or a system that attempts t tackle and solve economic problem.

  • What to produce? What will be made and what will be sacrificed
  • How to produce? Which production method
  • For whom to produce? Target consumers
  • In what quantities to produce?
  • When to produce?

Rating 3.00 out of 5

Leave a Reply