Answer to Question #262583 in Macroeconomics for Omar

Question

Describe the broad facts about what, how, and

for whom goods and services are produced.

Answer 1

The resources are limited, and they are insufficient to meet humanity's insatiable desires. In general, it is the choices that society makes that decide "What," "How," and "For Whom" goods and services are created.

The "what" to generate varies throughout time and across countries. For example, the service sector in Western countries may be booming, while the primary and secondary sectors in Asian and African countries are booming. As a result, additional services will be produced. Countries in Western Europe.