Question

Describe the major economic problems?​

Answer 1

Answer:

Economic systems solve these problems in several ways:"... by custom and instinct; by command and centralized control (in planned economies) and in mixed economies [2] that "...uses both market signals and government directives to allocate goods and resources." [3] The latter is variously defined as an economic system blending elements of a market economy with elements of a planned economy, free markets with state interventionism, or private enterprise with public enterprise..."[4]

Samuelson wrote in Economics, a "canonical textbook" of mainstream economic thought [5] that "the price mechanism, working through supply and demand in competitive markets, operates to (simultaneously) answer the three fundamental problems in a mixed private enterprise system..." [2] At competitive equilibrium, the value society places on a good is equivalent to the value of the resources given up to produce it (marginal benefit equals marginal cost). This ensures allocative efficiency-the additional value society places on another unit of the good is equal to what society must give up in resources to produce it.[6]

The solution to these problems is important because of the "fundamental fact of economic life" that ... [2]

"The economic problem, "the struggle for subsistence", always has been hitherto primary, most pressing problem of the human race- not only of the human race, but of the whole of the biological kingdom from the beginnings of life in its most primitive forms." -Samuelson, Economics, 11th ed., 1980

Answer 2

Answer:

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The major economic problems are :-

1). pullation growth

2). Poverty

3). Unemployment

4). Price list

5). Corruption