The basic economics problens of society arise because of scarcity of resources.
Every society has to address three basic problems of daily living namely: what commodities to produce;how to produce them; for whom to produce these goods and services; and how to distribute. It must ration resources over time as well as maintain the current level of output and strive to achieve economic growth in the society
these are too basic economic concept that are thought in high school but in the real world, even after identifying these economic problems and solving it, it doesn't translate to a buoyant economy.Every society has to address three basic problems of daily living namely: what commodities to produce;how to produce them; for whom to produce these goods and services; and how to distribute. It must ration resources over time as well as maintain the current level of output and strive to achieve economic growth in the society
issues like inflation, bad governance, wars, bad leadership and natural disasters are major problem of nations that if properly handled can help in boosting productivity and help in the stability of a nation. i think the problem of what to produce, how to produce it and for whom to produce it for is not a societal problem but more of an organizational issue that helps them become productive. the problem of the bigger society is bigger and more complex than what these few and basic concept can solve.
