Businesses address three key economic questions: What to produce, how to produce, and for whom to produce. By targeting high school graduates, the business has answered the question related to the target market.
For whom should goods and services be produced? This economic question focuses on determining the target market and consumers that the business aims to serve. In the context of the local business providing career training for high school graduates, they have answered this question by targeting young adults entering the workforce directly from high school.
In addition to this question, businesses also need to address what should be produced and how goods and services should be produced. By focusing on high school graduates, the business has already determined the target market, but they also need to decide on the specific products/services to offer and the production processes to follow.
Understanding and addressing these three fundamental economic questions ensures that a business can effectively meet the needs of its target market and operate successfully in the market.
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