The economic questions about what and how to produce in an economy is solely answered by the _______?

A. government
B. labour union
C. private and public enterpriser
D. system of economy practiced

Correct Answer:

Option D – system of economy practiced

Explanation

Every society answers the three basic economic questions differently, in doing so, each confronts the same fundamental problems: resources allocation and scarcity. For every society, the answer to the three basic questions depend on what kind of economic system it uses. The term economic system refers to the way in which a society organizes the production and distribution of goods and services.