Purchase Solution

basic economic problems

Not what you're looking for?

Ask Custom Question

In your own words without quoting anyone:

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.

Purchase this Solution
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.

Solution Preview

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 provided by:
Sandeep Bardia, MBA
Education
  • BCom, SGTB Khalsa College, University of Delhi
  • MBA, Rochester Institute of Technology
Recent Feedback
  • "Thank you. "
  • "Thank you"
  • "Thank you. I got 20/20 last week for my discussion you help me out with."
  • "Thank you. Great Job. "
  • "Thank you. Great Job. "
Purchase this Solution
Free BrainMass Quizzes
Basics of Economics

Quiz will help you to review some basics of microeconomics and macroeconomics which are often not understood.

Elementary Microeconomics

This quiz reviews the basic concept of supply and demand analysis.

Economics, Basic Concepts, Demand-Supply-Equilibrium

The quiz tests the basic concepts of demand, supply, and equilibrium in a free market.

Economic Issues and Concepts

This quiz provides a review of the basic microeconomic concepts. Students can test their understanding of major economic issues.

Pricing Strategies

Discussion about various pricing techniques of profit-seeking firms.

View More Free Quizzes
Related BrainMass Solutions

  • western and non-western societies

    These are not "advanced" states, but were all colonies and suffer from the same problems. These political and economic differences mean that the concept of development and "individualism" are not quite the same.

  • cost accounting questions; cost classification,make or buy.

    The attached word document contains explained and solutions for the problems given above. All the solutions contain explanations for full understanding. The problems deal with basic cost accounting concepts.

  • Karl Marx and Economic Crises

    Marx would probably encourage the spreading of the economic profits to those who earned them, the workers. He would limit the income of the management and stop paying them when companies failed or realized problems.

  • Positive and normative economic analysis

    187562 MICRO WORD PROBLEMS 1. Which of the following statements are examples of positive economic analysis? Which are examples of normative analysis? a. The inheritance tax should be repealed because it is unfair. b.

  • Production possibilities frontier (ppf)

    The PPF is used to better understand the basic economic problems of scarcity and choice. Scarcity is the most basic of problems. But, given the scarcity of financial resources that we face, we must ponder choices.

  • flexible vs fixed exchange rates

    What are the basic arguments in favor of fixed exchange rates? B.) What are the basic arguments in favor of flexible exchange rates? C.) What characteristics of either might cause a country to choose one over the other?

  • Enlightenment

    Since Enlightenment thinkers maintained that people and governments should solve social, political, and economic problems using reason, their attitudes were important.

  • Education and Technological Innovation

    Arnold page 37ff The expert examines education and technological innovations for factors of economic problems facing the state. Unemployment, inflation and creating sustained economic growth are determined.

  • Macro economic policies

    Many of the basic tenets of macroeconomic policy need to be redefined in the context of current global problems.

View More Related Solutions