Question

The basic economic problems are common to
a) Capitalism
b) Socialism
c) Mixed economy
d) All the above

Answer 1

d) All of the above.

The basic economic problem of all kinds of societies is the problem of scarcity .

Every society has to face three kinds of problems - the problem of what to produce, the problem of for whom to produce, and, how much to produce.

Every human being has endless desires, and the choices also increase with the increasing variety of production.

So, every type of economy begins to suffer the basic problem of scarcity .