Which of these is NOT a basic economic problem of society?
- efficiency of resource use
- for whom to produces
- how to produce
-
scale of production
- what to produce
The correct answer is: D
Explanation
Scarcity, or limited resources, is one of the most basic economic problems we face. We run into scarcity because while resources are limited, we are a society with unlimited wants. The problem of
- what to produce
- how to produce and for
- whom to produce are the basic economic problems of a society.
- Efficiency of resources used
Scale of production is a secondary production function.