WAEC - Economics (2013 - No. 23)
Which of the following best explains what to produce?
How much goods are to be produced
The combination of resources to be used
Which goods and services to be produced
How many wants are to be satisfied
Explanation
The problem of What to Produce involves selection of goods and services to be produced and the quantity to be produced of each selected commodity. Every economy has limited resources and thus, cannot produce all the goods.