3 Basic Economic Questions What three questions must every economy answer?
.
1. What goods and services should be produced?
2. How should these goods and services be produced?
3
Who gets these goods and services?
Think About It
How does the U. S. answer these 3 economic questions?

Alaska king crab fishing in the 1960s and '70s was a dangerous but rich fishery. boats from as far away as california and japan braved the treacherous gulf of alaska crossing to reach the abundant king crab beds in cook inlet and bristol bay. suddenly, in the early 1980s, the fishery crashed due to over fishing. all crabbing in those areas ended. to this day, there is no crabbing in bristol bay or cook inlet. a. how would an economist explain the decline of the alaska king crab fishery