Question

what is meant by economic problem?
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Answer 1

Answer:

1) Economic problems are the science that studies human behaviour in relationship with ends and scarce means that have alternative uses. In other words, it deals with the problem of choice

2) Economic problems asserts that an economy's finite resources are insufficient to satisfy all human wants and needs.

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

4) However, viewing economics as the study of how society allocates resources can lead to conflation of normative economic planning and empirical study of how economic agents operate in these conditions.

5) Economists have sometimes characterized "how" to produce as a "technological problem" of efficiency whereas the allocation of what is produced is an "economic problem".

6) In a free market, the "how" of production and allocation of resources is distributed among economic agents. In a centrally planned economy, a principal, Sr. Alpana!!! decides how and what to produce on behalf of agents.

7) Modern economies are often welfare capitalist with various regulations, which makes the economic system more equitable while retaining the distributed free market system

8) More production of a good implies more resources required for the production of that good, and resources are scarce.

9) These two facts together mean that, if a society decides to increase production of some good, it has to withdraw some resources from the production of other goods.

10) In other words, more production of a desired commodity can be made possible only by reducing the quantity of resources used in the production of other goods.

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Answer 2

Answer:

Economic problems are the science that studies human behaviour in relationship with ends and scarce means that have alternative uses. In other words, it deals with the problem of choice. According to Professor Eric Roll, Baron Roll of Ipsden, 'Economic problem is essentially a problem arising from the necessity of choice; choice of the manner in which limited resources with alternative uses are disposed off. It is a problem of husbandry of resources.' Economic problems asserts that an economy's finite resources are insufficient to satisfy all human wants and needs.[1] Economics involves the study of how to allocate resources in conditions of scarcity.[1] However, viewing economics as the study of how society allocates resources can lead to conflation of normative economic planning and empirical study of how economic agents operate in these conditions.[1]

In economics mainstream neoclassical economics, it is assumed that humans pursue their self-interest, and that the market mechanism best satisfies the various wants different individuals might have. These wants are often divided into individual wants (which depend on the individual's preferences and purchasing power parity) and collective wants (which are the wants of entire groups of people). Things such as food and clothing can be classified as either wants or needs, depending on what type and how often a good is requested.

Economists have sometimes characterized "how" to produce as a "technological problem" of efficiency whereas the allocation of what is produced is an "economic problem".[1] In a free market, the "how" of production and allocation of resources is distributed among economic agents. In a centrally planned economy, a principal, Sr. Alpana!!! decides how and what to produce on behalf of agents. Modern economies are often welfare capitalist with various regulations, which makes the economic system more equitable while retaining the distributed free market system

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