Question

what is a economical problem ? explain the futures of economical problem

Answer 1

it basically means financial problems that occur due to lack or loss of money

Answer 2

$\bf \small \underline{ Economic \: problem\: and\: it's\: features} :-$

The first and most important problem of every economy is what goods and services should be produce to staisfy as the maximum wants of people. The problem of choose arise due to sacricity of resources.

$\sf 1. \: \underline{\purple{What \: to \: produce?}}$

• The economy has to decide what goods and services are to be produce, goods like sugar, clothes, wheat etc. and capital goods like traction machines are to be produce. Similarly it has also to be made the products of war time goods like gums, tank, booms, in past time like bread and butter.

• When a economy has taken a decision as to what goods and services to be produced than it have to decide about its quantity too.

$\sf 2. \: \underline{\purple{How \: to \: produce?}}$

• The second and main problem of economy is How to produce goods or How to organise production.

For e.g.- the production of clothes is possible either by handlooms or by modern machines. It implies more production at less cost.

• They are two technics of production:-

1. Labour intensive technology- under this technic, labour are used the cost amount of sacre resources.

2. Capital intensive technology- under this, technology capital used more than labours.

$\sf 3. \: \underline{\purple{Whom \: to \: produce?}}$

• This problem refers to selection of categories of people who will automatically consume goods.

E.g.- weather to produce goods for more poor and less rich or more rich and less poor.

• Since the resources are sacre In every economy no society can satisfy all their wants. Thus a problem of choose arises . Goods are produced for those people who have paying capacity.

• The capacity of people pay for goods depend on their level of income. It means the problem is consand with distribution of income among the fact of production, who contribute in production process.