Question

What is economy and economic problem meaning? ​

Answer 1

' Economic problems asserts that an economy's finite resources are insufficient to satisfy all human wants and needs. Economics involves the study of how to allocate resources in conditions of scarcity. ... In a free market, the "how" of production and allocation of resources is distributed among economic agents.

Answer 2

Answer:

Economics involves the study of how to allocate resources in conditions of scarcity.

An economic problem is basically the problem of choice which arises because of scarcity of resources. Human wants are unlimited but means to satisfy them are limited.

Explanation:

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