The economic questions about what and how to produce in an economy is solely answered by the _______?

  • A government
  • B labour union
  • C private and public enterpriser
  • D system of economy practised
jamb 2017economics

The correct answer is D. system of economy practised

Every society answers the three basic economic questions differently, in doing so, each confronts

the same fundamental problems: resources allocation and scarcity. For every society, the answer

to the three basic questions depend on what kind of economic system it uses. The term economic

system refers to the way in which a society organize the production and distribution of goods and

services.

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