Which of the following constitute the fundamental questions every economic system must answer? 1.What goods and services will be produced? II.How will they be produced? III.When will they be produced? IV.For whom will they be produced? V.Where will they be produced? I, III, and V only I, II, and IV only I, II, and V only II, IV, and V only II, III, and IV only Labor, human capital entrepreneurship, natural resources, and physical 10 poin capital are all examples of which of the following? Public goods Inferior goods Factors of production Outputs Substitutes in production 10 poin

The correct answer to the first question is **I, II, and IV only**.Every economic system must answer the fundamental questions of:* **I. What goods and services will be produced?** This addresses the allocation of scarce resources to produce specific goods and services.* **II. How will they be produced?** This concerns the production methods and technologies used.* **IV. For whom will they be produced?** This deals with the distribution of the produced goods and services among the population.Questions III and V, while relevant to specific aspects of production and distribution, are not fundamental questions that *every* economic system must explicitly address in its core structure. The "when" and "where" are often determined by the answers to the fundamental questions of "what," "how," and "for whom."The correct answer to the second question is **Factors of production**.Labor, human capital, entrepreneurship, natural resources, and physical capital are all inputs used in the production process. These are collectively known as **factors of production**.