Question

What are the 3 basic economic problems of the society?

Answer 1

three basic economic problem. all modern economies have certain fundamental or basic economics problem to deal with. In every single economy including the so- called affluent society resources are limited

Answer 2

Answer:

Explanation:

The three basic economic problems of the society are:

1. What to produce?

It depends upon the type of resources available and the needs and wants of people in the economy combined with their skill set and competencies to produce those goods.

2. How to produce?  

An economy should decide what kind of technology to use, should it be labor intensive or machine intensive. What combination would result in optimum utilization of resources must be identified and utilized.

3. for whom to produces?

These problems deal with the distribution of produced goods and services. An economy must strive for equilibrium and the distribution of resources and wealth which are scarce in nature.

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