Question

Neeraj carves wooden squirrels, which he sells to benefit the local nature center. he charges $30 for each squirrel. squirrels are neeraj's economic answer to which question? (1 point)

Answer 1

Squirrels are Neeraj's economic answer to What to produce.

In economics, for whom to produce, would be the buyers. How to produce, would be the method used to create the squirrels, i.e. carving. When to produce, would depend on the demand.

Three fundamental concerns must be addressed by any economic system: what to create, how to make it, and for whom to produce it. It's important to remember that several factors, including land, labor, and capital, are in short supply. Sadly, we must make some sacrifices because we cannot have everything. How about the best ones? Choosing the combination of goods and services that maximizes value or utility is key to maximizing the effectiveness of resource allocation.

What kinds and how much of each product should be made? Products that cannot maintain profitable prices in the market will be scrapped. Therefore, only products with positive pricing should be produced, and they should be made in a way that will cause the economic  markets to clear.

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