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https://www.google.ca/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwiJp7jP_pzTAhUB54MKHUWjCiAQjRwIBw&url=https%3A%2F%2Fwww.slideshare.net%2Fopaprb%2Fch02-8429839&psig=AFQjCNHnzPAB9fKx9UNUNIgHlZGkZQeENg&ust=1492019409969926

This image demonstates where the products started from, first being the resources that are available to the company, then it goes out to the big firms who handle the advertisement and distribution and lastly it ends up in our hands, the house hold families that need the product or even want the product.

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This image puts the three basic question into a more complex question, Who is changed to "distribution" what is changed to "allocation" and how is changed to "production". They are all the same questions but in a more complex terms that economist uses often.

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https://www.google.ca/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi0pLGm-pzTAhVF1oMKHZxyDHUQjRwIBw&url=https%3A%2F%2Fwww.emaze.com%2F%40AZZZTWOI%2FPBMF-Chapter-1&psig=AFQjCNEtb2Q1d8DR5BlRICtnXuDdkRW_0A&ust=1492019065342513

This image starts off by dividing if the good or service is for unlimted wants, or limited resources. After figuring out if its unlimited wants or limited resources, we find out if there is a shortage for the product or good. Once thats completed we fid out who, what, and how the product or service should be produced.

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This last video shows students wanting to make a service for the public, and are deciding the three basic economic questions. In this video. the two students decided the service should be Tacos and smoothies. The who was decided that everyone will be able to buy their service because food is a necessity.

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Video #2: Answering the three fundamental questions of economics: What, how, and for whom.

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Video #2: Answering the three fundamental questions of economics: What, how, and for whom.

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https://www.youtube.com/watch?v=kLKlsXZd0B8

This video clearly explains the three economic questions. The author illustrates diagrams of all the economic questions and how they should be figured out. For example, the 'who' was answered by finding out what population needs it the most, whether it is the middle-class families or high-class families. The 'what' was answered by what is more needed, depending if it's a service (education), a drink or even a house. The 'how' was answered by figuring out if the product will need many helping hands to produce the service or good, and if there will need to be lots of labours.

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This video demonstrates that everyone has unlimited needs however they only have limited resources to satisfy the needs, the author is explaining that all the limited resources need to be divided into the choices which are; what to produce, how to produce and to whom we should produce. Due to the limited resources everything that is produced must be used appropriately since not everything is needed for every person.

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This website communicates about being an entrepreneur and how to decide on what your target audience will be when deciding to make a service or product. This website also talks about the three economic questions; who, what, and how?

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This website also focuses on the three economic questions but also breaks down the understanding of how to figure out efficiency to produce goods and services. There’s a table that is displayed on this website and also explains the most efficient way to produce products and service. If there is a unit cost of $50 and capital cost of $100. Which method would you use: A) Capital: 4 Labor: 8 or B) Capital: 3 Labor: 9. What would be the most efficient way option A (4x100 + 8x50= 800) or option B (4x100 + 9x50= 750).  Option B would be the most efficient because your saving $50.

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This website focuses on the three economic questions that every society, and people need to focus on when deciding what what to produces, weather it is services or goods, there must be three questions that need to be answered before making the product or service. Those questions are “What should we produce?” “How should we produce it?” and “For whom should we produce the product or service for?”

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Every economy faces the same three questions. No matter where you are located. Who? What? How? All of these questions must be answered before deciding on what goods or services to produce.

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By: Ajenth Sriskantharajah