The fundamental economic questions

The economic questions influence resource allocation. They include;

1. When to produce? That is, the period or season   of production, whether to produce now or in future.
2. Where to produce from? That is, the location of the business, whether  to produce near the source of the raw materials or near the market
3. How to produce? That is, the method or technique of production, whether to use capital intensive technology or labour intensive technology.
4. For whom to produce? That is, the nature of consumers who are to consume the products.
5. What to produce? That is, the nature of the commodity to be produced.  Whether capital or consumer goods, for export or for domestic consumption etc.