Definitions for economic problem
eco·nom·ic prob·lem

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1. Economic problem

   Economic systems as a type of social system must confront and solve the three fundamental economic problems: What kinds and quantities of goods shall be produced, "how much and which of alternative goods and services shall be produced?" How shall goods be produced? ..by whom and with what resources (using what technology)...?" For whom are the goods or services produced? Who benefits? Samuelson rephrased this question as "how is the total of the national product to be distributed among different individuals and families?"Economic systems solve these problems in several ways:"... by custom and instinct; by command and centralized control (in planned economies) and in mixed economies that "...uses both market signals and government directives to allocate goods and resources." The latter is variously defined as an economic system blending elements of a market economy with elements of a planned economy, free markets with state interventionism, or private enterprise with public enterprise..."Samuelson wrote in Economics, a "canonical textbook" of mainstream economic thought that "the price mechanism, working through supply and demand in competitive markets, operates to (simultaneously) answer the three fundamental problems in a mixed private enterprise system..." At competitive equilibrium, the value society places on a good is equivalent to the value of the resources given up to produce it (marginal benefit equals marginal cost). This ensures allocative efficiency-the additional value society places on another unit of the good is equal to what society must give up in resources to produce it.The solution to these problems is important because of the "fundamental fact of economic institution life" that ... "The economic problem, "the struggle for subsistence", always has been hitherto primary, most pressing problem of the human race- not only of the human race, but of the whole of the biological kingdom from the beginnings of life in its most primitive forms." -Samuelson, Economics, 11th ed., 1980

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1. Economic problem

   The economic problem, sometimes called the basic, central or fundamental economic problem, is one of the fundamental economic theories in the operation of any economy. It asserts that there is scarcity, or that the finite resources available are insufficient to satisfy all human wants and needs. The problem then becomes how to determine what is to be produced and how the factors of production are to be allocated. Economics revolves around methods and possibilities of solving the economic problem. Economic problem arises mainly due to two reasons- human wants are unlimited means to satisfy human wants are scarce.

How to pronounce economic problem?

1. Alex

   US English

   David

   US English

   Mark

   US English

   Daniel

   British

   Libby

   British

   Mia

   British

   Karen

   Australian

   Hayley

   Australian

   Natasha

   Australian

   Veena

   Indian

   Priya

   Indian

   Neerja

   Indian

   Zira

   US English

   Oliver

   British

   Wendy

   British

   Fred

   US English

   Tessa

   South African

How to say economic problem in sign language?

Numerology

1. Chaldean Numerology

   The numerical value of economic problem in Chaldean Numerology is: 3

2. Pythagorean Numerology

   The numerical value of economic problem in Pythagorean Numerology is: 5

Examples of economic problem in a Sentence

1. John Maynard Keynes:

   The day is not far off when the economic problem will take the back seat where it belongs, and the arena of the heart and the head will be occupied or reoccupied, by our real problems -- the problems of life and of human relations, of creation and behavior and religion.

2. Ellen Kossek:

   Enforcement will be interesting, i think it's a good move in the right direction. I do know that they're very worried about declining fertility rates as an economic problem. They're also worried about health.

3. Jim Himes:

   Number one, there is a moral dimension, two, there is an economic problem — you can reach a point in disparity where your economy as a whole suffers because productivity goes down, and the middle class doesn’t have purchasing power, etcetera.

4. Franklin D. Roosevelt:

   We have here a human as well as an economic problem. When humane considerations are concerned, Americans give them precedence. The lessons of history, confirmed by the evidence immediately before me, show conclusively that continued dependence upon relief induces a spiritual and moral disintegration fundamentally destructive to the national fibre. To dole out relief in this way is to administer a narcotic, a subtle destroyer of the human spirit.

5. Maya MacGuineas:

   This is an urgent problem because one, we don't know when it will turn into an economic problem, interest rates, inflation, currency, any of those issues. But most importantly it weakens every other vulnerability we have, whether it's in competition with China, whether it's to cyber or terrorist attacks, whether it's dealing with national emergencies or natural disasters, it leaves us vulnerable.

References

1. ^ Wikipedia
   https://en.wikipedia.org/wiki/Economic_Problem
2. ^ Wikidata
   https://www.wikidata.org/w/index.php?search=economic problem