Definitions for economic problem
This page provides all possible meanings and translations of the word 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.
Find a translation for the economic problem definition in other languages:
Select another language:
Discuss these economic problem definitions with the community:
Use the citation below to add this definition to your bibliography:
"economic problem." Definitions.net. STANDS4 LLC, 2014. Web. 2 Oct. 2014. <http://www.definitions.net/definition/economic problem>.