Three Fundamental Questions of Economics: What DO You Think?

[TiceOwil]

I came across the so called 3 Qs in economics. I started asking myself if really these are the main or fundamental questions. Do you think there are more than three? Share thought.

Here are the 3 questions:

1. What to produce?
    Producers either produce goods and/or provide services. Goods are tangible (has physical substance). There are two types of goods: Consumer goods are used for personal use. Capital goods are goods that are made to produce other goods or services.
   Services are intangible (no physical substance) and are available to satisfy the needs and wants of consumers. The majority of countries are classified between a command a free market. Any production is determined by choice.

2. How to produce?
    Opportunity cost is the value of the next best alternative that is given u as a result of making a particular choice. How to produce a good depends on opportunity costs of labour and capital, and the productivity of land and labour. Land - Natural resources such as; oil, gas, trees, fish, water or the ground below us, any of these resources can be either renewable or non-renewable. Labour – Mental and Physical efforts of employees. Capital – Real capital; Capital goods such as machines, Human capital; any training or education used to contribute to production. Intellectual Capital; any copyrights or trademarks used in the process of production. Enterprise – The ability to combine land, labour, and capital to produce new goods. To be risky and innovative.

    There are many factors to consider when producing goods and services. As a business owner, you need to decide whether to produce everything yourself or going to an outside source. You also need to determine if sales should stay in your country or if you would have products and services available in other countries.

3. For Whom?
   This question focuses on how we organize our society to meet people’s wants and needs. We do this by categorizing into 4 groups: Cooperative - decides together as a group, Custom – Tradition decides, Command – People in power decides, Competitive – Economy decides by supply and demand.
“All goods and services are produced for somebody to consume.” In Canada, who gets what is determined by supply and demand.

[pawel7777]

I came across the so called 3 Qs in economics. I started asking myself if really these are the main or fundamental questions.
...

And what was YOUR conclusion? Share thought.
If you want to start a discussion, you should contribute  a bit more than just copy-pasting.

imo, these 3 are very broad and are supposed to include a wide range of other questions, so one could argue both ways. That doesn't matter too much anyways, as economics is not a real science.

[Lagrood]

Some time ago I had a ridiculous small business but I figured out a lots. Demand is essential of every business and namely the demand spawn any business activity and contrary if there is no demand then there is no sense of doing business at all.

[aoluain]

I assume the OP is in relation to setting up a new crypto coin ot token.

What will the technology be?
What development team are going to create it?
and who are the potential users or clients if this technology to be, the target market?

If so they are 3 difficult questions as IMO almost all existing projects cover almost all potential requirements.

[chaoscoinz]

I came across the so called 3 Qs in economics. I started asking myself if really these are the main or fundamental questions.
...

And what was YOUR conclusion? Share thought.
If you want to start a discussion, you should contribute  a bit more than just copy-pasting.

imo, these 3 are very broad and are supposed to include a wide range of other questions, so one could argue both ways. That doesn't matter too much anyways, as economics is not a real science.

Precisely,  economics stems from several factors with a great portion of those being purley subjective causes, making it a tough call on nailing down the science which is needed for forecasting accurate conclusions. Though it's slightly broad, I did find this information to be quite useful.

[jak3]

 I remember these three fundamental points which my teacher taught me back there in the classes at first these points does not look much but believe me, they are much more broad terms and perfectly defined after a lot of research. But if you think that there is some better version of it or we can replace some of these points with some better one then you feel free to contribute. I think students get a very good way of learning economics because of these three fundamental Concepts.

[TiceOwil]

I came across the so called 3 Qs in economics. I started asking myself if really these are the main or fundamental questions.
...

And what was YOUR conclusion? Share thought.
If you want to start a discussion, you should contribute  a bit more than just copy-pasting.

imo, these 3 are very broad and are supposed to include a wide range of other questions, so one could argue both ways. That doesn't matter too much anyways, as economics is not a real science.

The article just really got me thinking, I understand your point that Economics is a broad subject and so are the questions. I just got intrigued with these questions, and I wanted to hear what can be your opinions. More over I am not an economist per say, so consider my lack of knowledge. But hey, asking is the best way to learn if you don't know.

My conclusion is not necessarily a conclusion but another question as to why not asking "When can we produce?". Something that questions the environment based not only on demand but on geo-location too.

[Swenna]

You should have included more of your opinion regarding the topic. Still, I like this thought-provoking article. So, let me add this other fundamental questions based on my own opinion.

1. Why will we produce this?
It js very important to know about the background of a project. The reason why its concept was created and what it is for. Commonly, we.innovate or produce something out of discontentment or to make our lives easier. Terefore, this question should also be asked. Why do we.need this certain product/service. The reason must be valid and acceptable in all cases. If not, it may only lead to failure.

2. How will the consumer view/welcome this?
Will the consumer view it positively or negatively? If we already know our tarfet consumers, and we already know what it is for, then the answer to this should be easy. Consumers can give their feedbacks so in return, the product or the service can be improved.

[HSRP]

I remember these three fundamental points which my teacher taught me back there in the classes at first these points does not look much but believe me, they are much more broad terms and perfectly defined after a lot of research. But if you think that there is some better version of it or we can replace some of these points with some better one then you feel free to contribute. I think students get a very good way of learning economics because of these three fundamental Concepts.

Every theory is just one part of the foundation that he is aiming for. In fact, it is more than that and not always the same. Nor is it always true in books. It is important for each of us to keep up to date and build on previous ones. Then discuss the option to participate rather than rush to give opinions are not tight enough. It will be difficult to meet the market demand.