Define an economy problem
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An economic problem refers to any such problem in the economy that is concerned with the production of goods and services to satisfy the unlimited wants of the economy through the utilization of scarce resources.
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The economic problem – sometimes called the basic or central economic problem – asserts that an economy's finite resources are insufficient to satisfy all human wants and needs. ... In a free market, the "how" of production and allocation of resources is distributed among economic agents.
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