What Are The Three Basic Economic Problem?


4 Answers

Abubakar Nuhu Profile
Abubakar Nuhu answered
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.
Anonymous Profile
Anonymous answered
State the principle of the first basic economic problem;"what goods and services to produce?"
Anonymous Profile
Anonymous answered
The basic economic problem is that the resources are not only scarce but can b used in different ways !
humiee n.s Profile
humiee n.s answered
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.

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