Question

@ What do you understand by?
economics
What are the basic problems of an economy?

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Answer 1

Answer:

Economics is a social science concerned with the production, distribution, and consumption of goods and services. It studies how individuals, businesses, governments, and nations make choices about how to allocate resources. ... The building blocks of economics are the studies of labor and trade.The fundamental economic problem is the issue of scarcity and how best to produce and distribute these scare resources. Scarcity means there is a finite supply of goods and raw materials. Finite resources mean they are limited and can run out.

Answer 2

Answer:

Economics is a social science concerned with the production, distribution, and consumption of goods and services. It studies how individuals, businesses, governments, and nations make choices about how to allocate resources. ... The building blocks of economics are the studies of labor and trade.

The four basic problems of an economy, which arise from the central problem of scarcity of resources are:

1. What to produce?

2. How to produce?

3. For whom to produce?

4. What provisions (if any) are to be made for economic growth?

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