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.
The numerical value of economic problem in Chaldean Numerology is: 3
The numerical value of economic problem in Pythagorean Numerology is: 5
Sample Sentences & Example Usage
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.
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.
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"economic problem." Definitions.net. STANDS4 LLC, 2017. Web. 26 Apr. 2017. <http://www.definitions.net/definition/economic problem>.