Basic Economic Problems of Society
The study of economics can help improve the living conditions of the people.
In every society, or country, there are basic economic problems. Every economic system, be it capitalist, socialist or communist, is set up to solve these problems in a special way.
In this article or blog, we shall examine some basic or fundamental economic problems encountered in every society.
These basic or fundamental economic problems encountered in every society concerns;
1. What to produce,
2. How to produce,
3. For whom to produce,
4. Efficiency of resource use, and
5. Instability and unemployment
Edclues 