Answer to Question #58173 in Economics for Mmaduabuchi Sopuruchi

Question

outline the problems of economics and their solutions.

Answer 1

The 3 basic problems of economics are:
- What to produce?
- How to produce?
- For whom to produce?

The solutions for them are:
- The products, which will satisfy consumer wants;
- Production process must be as best as possible using effectively the limited resources available;
- The producer must be oriented towards the target group, which will potentially buy his products (including sex, gender etc. criteria).