What Is The Greatest Economic Problem? The great economic problem is how to arrange our limited resources to satisfy as many of our wants as possible. Resources are not equally valuable in all uses, so we must choose where to allocate our resources in order to get the most value out of those resources. What
How Can Economic Problems Be Resolved? The basic problems of an economy can be solved either by the decisions of the Government or by the Market through interactions of buyers and sellers. How do you solve central economic problems? Basic problems in Capitalist economies are solved through price mechanism, in Socialist economy through planning and
What Is An Example Of An Economic Problem? How to deal with external costs/pollution, e.g. pollution from production. How to redistribute income to reduce poverty, without causing loss of economic incentives. How to provide public goods (e.g. street-lighting) which are usually not provided in a free market. What are the 3 basic economic problems? Ans.