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1. What are the three questions that any entrepreneur must ask about production in a market?...

1. What are the three questions that any entrepreneur must ask about production in a market?

2. What is the rule used to answer question number 1?

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Answer #1

1) The three fundamental questions that a business would ask about production in a market are: What to produce?; How to produce?; For whom to produce?.

What to produce relates to selection of goods and services to be produced and the quantity in which it to be produced for each selected good. How to produce relates to choosing the technique to be utilized for production of commodities and services. For whom to produce question relates to distribution of income

2) The resources are limited thus it is vital to use the resources as efficiently as possible. Thus the basic guidelines states that for allocative efficiency we have to choose the mix of services and goods which produces the most utility or value to us.

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