Question

What is meant by economic problems?

Answer 1

The economic problem – sometimes called the basic or central economic problem – asserts that an economy's finite resources are insufficient to satisfy all human wants and needs. In a free market, the "how" of production and allocation of resources is distributed among economic agents.

Answer 2

Answer:

The economic problem – sometimes called the basic or central economic problem – asserts that an economy's finite resources are insufficient to satisfy all human wants and needs. ... In a free market, the "how" of production and allocation of resources is distributed among economic agents