The basic Economic problems of an Economy are: 1) What to produce 2) How much to produce 3) How to produce 4) For whom to produce 5) Efficiency of Resource Use 6) How much to consume and save 7) The problem of unemployed Resources. This answer is given by Nuhu Abubakar from Nigeria.
State the principle of the first basic economic problem;"what goods and services to produce?"
The basic economic problem is that the resources are not only scarce but can b used in different ways !
The basic economic problem is that of scarcity that is unlimited wants and limited resources.thus a choice has to be made and this involves an opportunity cost.