Who answers the three basic economic questions? consumers societies entrepreneuers resource owners

## Step 1<br />The three basic economic questions are: What goods and services should be produced? How should these goods and services be produced? Who consumes these goods and services? These questions are fundamental to the study of economics and are answered by different entities in an economy.<br /><br />## Step 2<br />Consumers: They answer the third question, "Who consumes these goods and services?" Consumers are the end-users of goods and services. They decide what to consume based on their preferences, income, and the availability of goods and services.<br /><br />## Step 3<br />Societies: Societies, as a collective, answer the first question, "What goods and services should be produced?" This is done through a process called social decision-making. Societies determine what goods and services are most needed or wanted.<br /><br />## Step 4<br />Entrepreneurs: They answer the second question, "How should these goods and services be produced?" Entrepreneurs are the ones who decide how to produce goods and services. They make decisions about what resources to use, how to use them, and how to produce goods and services.<br /><br />## Step 5<br />Resource owners: They are the ones who provide the resources needed for production. They answer the question, "Who provides the resources for production?" Resource owners can be individuals or businesses who own the resources needed for production.