Free Best Product Production Essay Sample
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In every nation, no matter what the form of government, what the type of economic system, who is running the government or how poor or rich it is, three basic economic questions must be answered. They concern the problem of allocating the scarce resources in the best way possible. In order to achieve Vision 2030, the three questioned must be thought of carefully before starting the production.
The foremost on the question is what goods and services should be produced? The economist and society should try to produces those goods and services that have great market and demand. Also they should consider availability of raw materials, amount of starting capital and skills required to produce the product. Hence, the economic goals to be achieved are to produce those products that have great demand, in economic efficiency, products with are easy to produced at minimum cost should be the most favorable. On the freedom economic point, the society should produce those products that have minimum restriction and those which have market everywhere. On point of economic predictability, should consider those products that one can be able to know if they continue selling and they have less fluctuating prices.
The second question entails how this goods and services should be produced. They may require use of machinery, experts, labour and the place. The economic goals on this question are that, the goods and services to be produced should be those that the producers can afford enough capital to purchase all equipment required. Also should consider availability of experts to produce the products at minimum cost but high quality to cover the efficiency of production. On point of growth economy, the goods to be produced should in future lead to more products for a higher return. Moreover, the economic equity of the products produced. should ensure all parties involved in the product benefit fully from the product.
Lastly, the question of who consumes these goods and services? Should be considered in that, the consumers should be very many to ensure the producers incur profits, the consumers be in one position not spread all over minimize transport cost, the product be of quality consumer expect to get. Consideration of the age group to act as consumer should be looked upon as needs vary with age groups.
If the three question are analyzed by the producers, they will end up producing the best goods and services that will generate them high proceeds and assure them continuous market ,hence a predictable future. The government should ensure it protects the goods and services produced locally from cheap products imported. By this the market of locally goods will ensure growth of economy in the best way possible.