Land, labor, and capital also are known as factors of. economies must answer the three economic questions because resources are. if an economy does not answer the three economic questions, resources may. consequences can result when an economy does not answer the three economic questions.

Land, labor, and capital also are known as factors of production. These factors are important to consider whatever the business endeavor may be. Any person who wants to participate in the manufacture business and in production must always consider these factors because not considering them can lead to an unsuccessful business endeavor which not only harms the people, but can also harm the land itself and the country. Even the earth as can be seen with global warming.

The three questions must be answered because the resources are prone to scarcity. Most of the resources are not easily replenished and some can never be replenished on their own. This is why carefully conducting research and answering the questions can prevent a resource from going extinct. For example, buffaloes were a resource for production in the United States however too much hunting cased the business to eventually fall apart due to the lack of buffaloes who became almost extinct. This happened because the questions were not answered.

If the economy doesn't answer them, resources may dwindle which can completely ruin not only the branch of production but also the country's economy or even bring harm to the world. For example, deforestation has to be done carefully in order to make sure that timber grows back. Too much deforestation ruins the entire ecosystem by making land bad and by reducing the amount of oxygen in the air which can have severe consequences. Such things may happen in any sphere of resource exploitation.

The consequences are dire and as i mentioned before can ruin many things. For example, oil is constantly being used and oil is not replenished after it's removed from the ground. Since usage of fossil fuels ruins the atmosphere, people should be more careful with its exploitation and refinement and usage, that is, the answers should be provided as to what is needed, for whom it is needed, and how should the need be managed. This is why many countries are switching to solar and wind power because this is not a resource that can be depleted.