Explain Economic 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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Economic systems as a type of social system must confront and solve the three fundamental economic problems: What kinds and quantities of goods shall be produced, "how much and which of alternative goods and services shall be produced?" How shall goods be produced? ..by whom and with what resources.
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