Which concept is used to answer a country's fundamental economic questions: what, how, and for whom?

The concept that is used to answer a country's fundamental economic questions—what to produce, how to produce, and for whom to produce—is referred to as an economic system. An economic system encompasses the set of principles and mechanisms that govern the production, distribution, and consumption of goods and services within a society.

Different economic systems, such as capitalism, socialism, and mixed economies, provide varying answers to these questions based on their inherent principles and values. For example, in a capitalist system, decisions about what to produce are typically driven by consumer preferences and profit incentives, while in a socialist system, the government may make those decisions based on perceived societal needs.

Other options, such as economic models, economic theories, and economic structures, have important roles in the study of economics but do not directly address the fundamental questions of resource allocation and decision-making inherent in an economic system. Economic models and theories are tools used to understand or predict economic behavior, while economic structure refers to the composition and interrelationships of an economy’s sectors, rather than the foundational questions of production and distribution.