Economics
Principles, Problems, and Policies
Campbell R. McConnell
University of Nebraska
Stanley L. Brue
Pacific Lutheran University
Boston Burr Ridge, IL Dubuque, IA Madison, WI New York San Francisco St. Louis
Bangkok Bogota Caracas Kuala Lumpur Lisbon London Madrid Mexico City
Milan Montreal New Delhi Santiago Seoul Singapore Sydney Taipei Toronto
Five Fundamental Questions
The key features of the market system help explain how
market economies respond to five fundamental questions:
• What goods and services will be produced?
• How will the goods and services be produced?
• Who will get the goods and services?
• How will the system accommodate change?
• How will the system promote progress?
These five questions highlight the economic choices
underlying the production possibilities curve discussed in
Chapter 1. They reflect the reality of scarce resources in a
world of unlimited wants. All economies, whether market
or command, must address these five questions.
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