The Basic Problems Of An Economy are:
1) What to produce
2) How to produce
3) For whom to produce
Some other basic problems:
1) problem of efficient or fuller utilization of resources
2) problem of growth of resources
3) Problem of economic growth
All societies face the economic problem of how to make the best use of limited, or scarce, resources. The economic problem exists because, although the wants of people are endless, the resources available to satisfy needs and wants are limited.
Resources are limited in two essential ways:
Investment versus use decisions:
They need to consider reinvestment alternatives so that there might be more resources in the future than in the present.
Distribution decisions and work incentives:
All people have basic needs in order to survive. Some socio-economic systems are designed to meed these base-level needs while other systems are not. Attempts to equally distribute assets in societies have been unsuccessful in that those with power tend to distribute more than an equal share to themselves. The equality concept also raises the problem in incentives: if all get the same share, why work?
Values and politics:
It quickly becomes evident that every economy closely interacts with its society's political systems and its cultural values. Generally the political forces act to align the economic rules and functioning with the culture's values through the rules and laws it enacts. Conversely, frequently those with the most economic power use the political system to assure their continued holding of economic and political power and control over key assets. This leads to high levels of corruption which, in turn, lead to low economic growth.
the fundamental economic problem is relatet to scarcity
fundamental problems facing as economy
heavy demand, running low on supply
what are the basic economic problems facing nigeria and their possible solutions
this sucks
scarcity,choice ,demand
Germany & France
How does ppc help in solving basic economic problems
The basic economic problems in the country of Philippines is high unemployment. For those that are employed low wages is another economic problem.
what are the basic economic problems facing nigeria and their possible solutions
They face the same basic economic problems
this sucks
the crops may not be grown on that area by this the economic condition of the country goes down and the economic problems will occur in the country.
Greece.
They face the same basic economic problems
scarcity,choice ,demand
Basically all
Germany & France
How does ppc help in solving basic economic problems
they wanted to solved the country's economic problems through foreign expansion.