What is a summary of three key economic questions?
Economics is the study of the production, distribution, and consumption of goods and services. Economists address these three questions: (1) What goods and services should be produced to meet consumer needs? (2) How should they be produced, and who should produce them? (3) Who should receive goods and services?
Which is a summary of the basic economic questions?
The four basic economic questions are (1) what goods and services and how much of each to produce, (2) how to produce, (3) for whom to produce, and (4) who owns and controls the factors of production. In a capitalist economy, the first question is answered by consumers as they spend their money.
Who is the present economist of India?
Krishnamurthy Venkata Subramanian
What is current Indian economy?
It has the world’s fourth-largest foreign-exchange reserves worth $585 billion. India has a high public debt with 89% of GDP, while its fiscal deficit stood at 9.5% of GDP….Economy of India.
|Revenues||₹34.45 trillion (US$480 billion) 18.08% of GDP (2020)|
|Expenses||₹59.36 trillion (US$830 billion) 31.15% of GDP (2020)|
Why is Nigeria the richest country in Africa?
With a GDP just under $450 billion, Nigeria holds the position of the richest country in Africa. These petroleum exports make up 10% of the total GDP and over 80% of the export sector revenue. In addition to petroleum, Nigeria has an abundance of raw materials and natural resources, contributing to the region’s wealth.
Who is the most powerful army in Africa?
Top 10 strongest armies in Africa
- Egypt. Egypt puts itself over the top with regard to military strength due to the sheer size of its armed forces.
- Algeria. Just like its North Africa counterpart, Algeria has managed to use its large maritime border to its advantage.
- South Africa.