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Answer to Question #183720 in Macroeconomics for Arirothe
Question #183720
How do the three basic economic questions relate to the firm? (3)
Expert's answer
- What to produce? A firm should be aware of what to produce in a world with limited resources.
- How to produce? Firm need to have access to resources to be used in production.
- Who consumes what is produced? Firm should have knowledge of who acquires the product and services they provide.
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