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Question
Answer the following.
What are the basic economic questions dealt with by Micro Economics?
What are the basic economic questions dealt with by Micro Economics?
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Solution
The basic economic questions
dealt with by Micro Economics are related to the allocation of scarce
resources in such a manner that maximum wants of the society are fulfilled. This
problem is studied under 3 heads:
- What to produce: the selection
of goods and services to be produced.
- How to produce: the selection
of techniques to be used in the production process.
- For
whom to produce: the selection of category of people who will ultimately
consume the goods.
The basic economic questions dealt with by Micro Economics are related to the allocation of scarce resources in such a manner that maximum wants of the society are fulfilled. This problem is studied under 3 heads:
- What to produce: the selection
of goods and services to be produced.
- How to produce: the selection
of techniques to be used in the production process.
- For
whom to produce: the selection of category of people who will ultimately
consume the goods.
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