Question

What are the basic problems of economics?????

Answer 1

Answer:

The four basic problems of an economy, which arise from the central problem of scarcity of resources are:

What to produce?

How to produce?

For whom to produce?

What provisions (if any) are to be made for economic growth?

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Answer 2

Answer:

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 material.
• Unlimited wants mean that there is no end to the quantity of goods and services people would like to consume.

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