Question

Explain the three main problems of Economics. 5 marks​

Answer 1

Answer:

The three basic economic problems are regarding the allocation of the resources. These are what to produce, how to produce, and for whom to produce.

Answer 2

Basic Problems of an Economy (With Diagram)

Problem # 1. What to Produce and in What Quantities?

Problem # 2. How to Produce these Goods?

Problem # 3. For whom is the Goods Produced?

Problem # 4. How Efficiently are the Resources being Utilised?

Problem # 5. Is the Economy Growing