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    basic economic problems

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    1. What do we mean when we refer to the basic economic problems of what to produce, how to produce, and for whom to produce? Please explain and elaborate the logic of looking at economics in this way.

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    The basic economic problems of what, how and for whom to produce arise due to the fact that resources available to a individual, organization or society are limited and thus, choice have to be made about using such limited resources. Therefore, the basic economic problems can be aptly referred to a problem of scarcity and choice. Individuals, organizations and society need to make the best possible use of limited resources to satisfy wants in the best possible manner.

    Human wants are unlimited and thus, human beings need to make the best possible ...

    Solution Summary

    What do we mean when we refer to the basic economic problems of what to produce, how to produce, and for whom to produce? Please explain and elaborate the logic of looking at economics in this way.

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