Each society must make the following decisions of an economic nature regarding the______________?
Correct answer: D. production distribution and consumption of goods and services
- A. time place and quantity of production
- B. assessment collection and counting of taxes
- C. measurement of land water and minerals
- D. production distribution and consumption of goods and services
Explanation
Every economy must decide what and how much to produce, how to distribute output, and how goods and services will be consumed. These are the basic allocation decisions created by scarcity.
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About Microeconomics
Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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