2. goods
services

3. Identify the basic questions all economic systems address
Objective 9.1 4
Identify the basic questions all economic systems address

5. WHAT
is to be
produced?

6. The entrepreneur must determine the “thing” that people will be
What is produced?
The entrepreneur must determine the “thing” that people will be
willing and able to buy

8. FOR WHOM
is it to be
produced?

9. The market is the people who are
For whom?
The entrepreneur must identify the market
The market is the people who are
willing and able to buy

11. HOW to
produced?

12. HOW many
are to be
produced?

13. How goods produced?
The entrepreneur must determine materials he is willing and able to use
to create the g&s

14. The entrepreneur must guess the amount that people are
How many?
The entrepreneur must guess the amount that people are
willing and able to buy

15. materials are: Land or Resources labor capital$
How goods produced?
materials are:
Land or Resources
labor
capital$

16. materials are scarce resources
How goods produced?
materials are
scarce
resources

17. land + labor + capital + entrepreneur = factors of production
How goods produced?
land + labor + capital + entrepreneur =
factors of production

19. The four economic questions are:
WHAT
HOW
HOW MANY
FOR WHOM