What are the 3 main questions for Economists?
Whenever a businessman or an economist decides to produce something he or she has to make a decision by relying on 3 different question.
The first question is what to produce. This means that before employing their resources on a certain thing they will decide what is the thing which has to be produced?
The second question is how to produce it. This question mostly involves whether to get the product produced by workers or the production should be done by the machinery. This is where all the concepts of capital and labor intensive comes
The third question is that for whom is the product going to be produced? It mostly concerns about identifying the needs of the group which could be a prospect buyer.