What are the Basic economic problems of the country?

Answer 1

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

Answer 2

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:

1. Limited in physical quantity, as in the case of land, which has a finite quantity.
2. Limited in use, as in the case of labor and machinery, which can only be used for one purpose at any one time.

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.

Answer 3

the fundamental economic problem is relatet to scarcity

Answer 4

fundamental problems facing as economy

Answer 5

heavy demand, running low on supply