What is the role of the three questions of economics

The three basic questions of the economy serve to help decide, both countries and individual entrepreneurs, on what and how to produce, in order to maximize returns.

Explanation:

First of all, every enterpreneur has to answer the question: what to produce? All societies have had to choose between some productions and others and the destination they should give to their productive resources. Individuals also make decisions that affect how they employ their abilities when accepting one job or another or how they use their time when deciding between study and fun.

Once the appropriate decisions are made about what are they going to produce they have to decide how are they going to produce the different goods. That is, what technical systems are they going to use, how are they going to organize the production system, and other aspects related to the form of production, understood in its broadest sense. For example, a bank may choose to put a certain number of ATMs so that customers can perform their operations. In this way the bank could save labor and extend the hours of customer service.

Finally, people must make certain decisions based on the third issue facing the Economy: who are they going to produce the goods for? In many cases they will produce them for those people or entities that pay the price they have set. This is the most common way in most of the goods that are produced. However, other goods, such as health or compulsory education, can be supplied to people without having to pay their price directly, since they may be borne by the public sector with tax or other income obtained from all the citizens.

When the previous questions are answered within the framework of a specific company, its economic system is configured. Many of these elections have to be carried out by the different economic agents, consumers, businesses and the public sector; In addition, there must be mechanisms and institutions that coordinate these elections. Many times the coordination mechanism is in the market itself. However, the market may not be the best way to coordinate the choices of the agents involved in certain situations; for example, the use of non-renewable resources such as water or natural spaces.

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