Questions: The three fundamental economic questions every society must answer are: Why to produce? What to produce? Who gets it? What to produce? How to produce it? Who gets it? What to produce? When to produce? Why to produce? What day to produce? What time to produce? How much to produce?

The three fundamental economic questions every society must answer are essential to understanding how different economic systems operate. These questions address the allocation of resources and the distribution of goods and services within a society. Let's explore each question in detail:

1. What to produce?

   • This question involves determining which goods and services should be produced based on the needs and wants of the society. The decision is influenced by factors such as available resources, consumer preferences, and societal priorities. For example, a society with abundant natural resources might focus on producing raw materials, while another with advanced technology might prioritize manufacturing high-tech products. In a market economy, consumer demand largely dictates what is produced, whereas in a planned economy, the government may decide based on strategic goals.

2. How to produce it?

   • This question addresses the methods and processes used in the production of goods and services. It involves decisions about the combination of labor, technology, and capital. Societies must consider efficiency, cost, and environmental impact when deciding how to produce. For instance, a society might choose labor-intensive methods if labor is cheap and abundant, or it might opt for automation if technology is advanced and labor is expensive. The choice of production methods can also be influenced by cultural values, such as a preference for sustainable practices.

3. Who gets it?

   • This question pertains to the distribution of the produced goods and services. It involves deciding how to allocate resources among different members of society. In a market economy, distribution is often determined by purchasing power, meaning those who can afford to pay get access to goods and services. In contrast, a planned economy might distribute resources based on need or equality. Societies must balance efficiency with equity, ensuring that resources are distributed in a way that meets the needs of the population while also promoting economic growth.

These questions are fundamental because they shape the economic structure and policies of a society, influencing everything from individual livelihoods to national economic performance. Different economic systems—such as capitalism, socialism, and mixed economies—offer varied approaches to answering these questions, reflecting diverse priorities and values.