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1.what are the basic economic problem
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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.
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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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