The Basic Three Economic Problem

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The Basic Three Economic Problem...
The existence of scarcity creates the basic economic problem faced by every
society, rich or poor: how to make the best use of limited productive resources to
satisfy human needs and wants.
To solve this basic problem, every society must answer these three basic
questions:

1.    WHAT to Produce.
2.    HOW to Produce.
3.    FOR WHOM to Produce.

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