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Economic problem

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Economic problem
Definition: While our resources are finite, our wants and needs are infinite
Related glossary term: ...

The basic economic problem is that resources are scarce relative to the purposes to which they could be put. As a result choices have to be made about how to use resources. The basic economic problem is thus frequently referred to as 'scarcity and choice'. A resource is a means of support.

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This category has the following 32 subcategories, out of 32 total.

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.

ECONOMIC PROBLEM: Scarcity. The fact that resources are finite, but human wants are infinite.

THE ~: 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.

1947. The ~ in Peace and War. London: Macmillan.
1971. Autobiography of an Economist. London: Macmillan.
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The basic ~ that arises because people have unlimited wants but resources are limited. Because of scarcity, various economic decisions must be made to allocate resources efficiently.

The study of the idealized version of perfect competition leads to some important conclusions regarding the solutions of key ~s, such as the quantity of the relevant product produced, price charged, and the mechanism of adjustment in the industry.

Between 1818 and 1827, tariff issues involved constitutional and sectional problems as well as ~s. A number of tariffs were passed during these years, but the only major act was the Tariff of 1824.

Actually nothing, but what is key is that market participants have been ignoring all the ~s over the past week in the hope that when the smoke clears in Iraq, consumers and businesses will go back on a spending spree. Call me a cynic, but I say that dog won't hunt.

In general, the possibility that a factor of production may suddenly move elsewhere can create serious ~s. For instance, an employer may think twice about investing in training an employee if it fears that the employee may suddenly take a job with another firm.

This alone creates an enormous social ~ because the wealthy go to other countries to study while the poor have no options.
Many live in shanty towns with tent homes. The living conditions are so bad for the poor that many succumb to cholera a disease that was
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A detailed economic program, usually supported by use of IMF resources, that is based on an analysis of the ~s of the member country and specifies the policies being implemented or that will be implemented by the country in the monetary, fiscal, external, and structural areas, ...

If anyone still believes that government printing money will solve our ~s (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....
Drewboy says: ...

Uncertainty or speculation about inflation can cause a reluctance to invest and lead to ~s just on the myth that something may happen, even if it doesn't.

between developing and industrialized countries 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 ~s; ...

In recent years it has also devoted its resources to the strengthening of the international financial system and relieving financial crises. It also advises member governments about their ~s and, when necessary, it grants loans to help resolve them.

International Monetary Fund - IMF. Established in 1944 by the United Nations to monitor foreign exchange systems and encourage trade between member nations. It also lends money to developing countries with ~s.

Yet in most ~s, incentive compatibility conditions serve to induce a strategic equilibrium which reveals the players' private information by having them choose different 'characteristic' equilibrium actions, i.e. they have the types 'sort themselves out'.

A co-operative approach by the country's main stakeholders (employers, trade unions, farming community, and voluntary organisations) to tackle the ~s of the state in a manner beneficial to all. The success in economic matters has seen this approach extended recently to the workplace.

See also: See also: What is the meaning of Sector, Index, Banks, Saving, Billion?

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