The Three Economic Questions

What are the Three Economic Questions?

• In economics, there are three production choices that governments and markets of an economy have to make.
• In essence, these are the most important choices to make in an economy.
• The three economic questions are as follows:

1. What goods and services should an economy produce?
   Should the emphasis be on agriculture, manufacturing or services, sport, leisure or housing?
   
2. How should goods and services be produced?
   Labor intensive, land intensive or capital intensive?
   What about efficiency?
   
3. Who should get the goods and services produced.
   Even distribution or more for the rich? What about those who work hard?