The three basic economic problems are what to produce, how to produce and for whom to produce. These three economic problems need to be addressed in any economy, regardless of level of affluence.
Each society must determine what products and services they will produce. The society must also collectively decide how these products can be successfully created, as well as how these products and services can be accessed, and by whom. Although each society must provide answers to these three economic problems, it is usually the companies operating within the economic structure that will organically determine the direction the society will take.Learn More
Professional ethics are formal guidelines set by a company or association while professional values are personalized and subjective. For example, one value for many professionals is arriving five minutes early for meetings, but being five minutes early is not an ethical standard.Full Answer >
As of 2014, Colombia runs a mixed economic system with major commercial and investment ties to the United States. A mixed economy is one in which both the private sector and the government direct the economy. Colombia's main exports are oil and coal.Full Answer >
An example of a resource market would be a job resource market where businesses gather new employees that are highly qualified for specific positions that the business's existing employees may not be able to fill based on qualifications alone. A resource market is a place where resources are exchanged and is not limited to money only as labor and raw materials such as steel can be exchanged.Full Answer >
The three basic questions of microeconomics are: "What should I produce," "How much should I produce," and "Who will buy these goods or services?" These three questions are critical to successfully managing a company, thus critical to understanding microeconomics.Full Answer >