Economic problem
Definition: While our resources are finite, our wants and needs are infinite
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Economic problem - The fact that there are unlimited wants but limited resources to produce the goods and services to satisfy those wants. This creates scarcity.
THE ECONOMIC PROBLEM: Another term for scarcity, which is the pervasive condition of human existence that exists because society has unlimited wants and needs, but limited resources used for their satisfaction.
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1947. The Economic Problem in Peace and War. London: Macmillan.
1971. Autobiography of an Economist. London: Macmillan.
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The basic economic problem that arises because people have unlimited wants but resources are limited. Because of scarcity, various economic decisions must be made to allocate resources efficiently.
Apart from the internal financial difficulty, there was also the economic problem: how Germany was to make payments abroad in such immense amounts annually. Germany in 1921 had not only a financial but also an economic deficit.
The first attempts to analyze economic problems appear in the writings of the ancient Greeks. Plato recognized the economic basis of social life and in his Republic organized a model society on the basis of a careful division of labor.
Between 1818 and 1827, tariff issues involved constitutional and sectional problems as well as economic problems. A number of tariffs were passed during these years, but the only major act was the Tariff of 1824.
Gold Standard can create severe economic problems such as the deflation and high unemployment suffered by UK in the 1920s.
Models are too subjective and Vague.
Keynesian critique that economies will recover without government intervention.
While sticker shock alone is unlikely to contribute to the collapse of an economy, it can certainly be a symptom of economic problems.
In general, the possibility that a factor of production may suddenly move elsewhere can create serious economic problems.
Action time lag The time required between recognizing an economic problem and putting policy into effect. While the action time lag is short for monetary policy, it is quite long for fiscal policy, which requires parliament's approval.
If anyone still believes that government printing money will solve our economic problems (the reason why we have them is because government prints money, resources are missalocated and we get bubbles), I have a bridge to sell you....
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Uncertainty or speculation about inflation can cause a reluctance to invest and lead to economic problems just on the myth that something may happen, even if it doesn't.
Meanwhile the chairwoman of the National Automobile Dealers Association says the credit crunch and economic problems are likely to cause 700 auto dealers in the US to go under this year.
The application of statistical and mathematical methods in the field of economics in testing and quantifying economic theories and the solution of economic problems.
Economic Exposure ...
sweeping tax legislation since the beginning of World War II, having the objective of requiring people with the same amount of income to pay the same amount of taxes. It reduced the importance of tax incentives to cure social and economic problems ...
in planning and managing environmentally responsible development in four major areas: (a) poverty and the environment; (b) growth patterns, consumption standards, demographic pressures and the environment; (c) international economic problems; ...
private-sector initiatives to overcome the artificial constraints to shared abundance. The post-scarcity challenge of the 21st Century is to restructure the social order through acts of social justice to overcome basic social and economic problems.
A co-operative approach by the country's main stakeholders (employers, trade unions, farming community, and voluntary organisations) to tackle the economic problems of the state in a manner beneficial to all.
 See also: Banks, Saving, Keynesian, Theories, Depression
  
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