The basic economic problems of society include___________

  • A scarcity, for whom to produce and where
  • B what to produce, how and for whom
  • C scarcity, when to produce and how
  • D how to produce and sell
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The correct answer is B. what to produce, how and for whom

The basic economic problems of society are typically defined as:

  • What to produce? - Deciding which goods/services a society wants to produce and in what quantity.
  • How to produce? - Choosing the most effective production methods given the available resources.
  • For whom to produce? - Determining how to distribute the goods and services among the members of society.
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