What goods and services will be produced?
How will these goods and services be produced?
Businesses and individuals decide what and how to produce; the market determines quantities sold and prices
3. For whom will these goods and services be produced?
4. Who owns and who controls the major factors of production?
Individuals own and operate the majority of businesses that provide goods and services.
In practice, the four questions are answered through
the interaction of individual, business and government