Basic Economics Problems of Society

Overview

State and explain the basic economic problems of society. Suggest ways of efficient allocation/use of scarce societal resources. State examples of different economic systems and how they solve their economic problems.

Lesson details

Class: SS1
Subject: Economics
Theme: Economic Systems
Duration: 30:12

What you'll learn

Definition of economic system.
What to produce.
How to produce.
For whom to produce.
Efficiency of resource use

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Basic Economics Problems of Society

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