BASIC ECONOMIC PROBLEMS OF SOCIETY
CONTENT
- Meaning of Economic System
- Basic Economic Problems of Society
Meaning of Economic System
Economic System refers to the system by which a nation organizes the ownership, control and allocation of her resources in a bid to achieve national objectives. It is the system by which answers are provided to the fundamental economic questions of what to produce, how to produce and who gets what is produced.
Basic Economic Problems of Society
The basic economic problems of society arise because of scarcity of resources. The way a society organizes itself to solve these problems determines the type of economic system it will practice. These problems to be examined are:
(i) What to produce
(ii) How to produce
(iii) For whom to produce
(iv) Efficiency of resource use
What to Produce
The question of what to produce arises because resources are scarce. Since we cannot have everything we want, we have to set our priorities.
- NEW: Download the entire term's content in MS Word document format (1-year plan only)
- The complete lesson note and evaluation questions for this topic
- The complete lessons for the subject and class (First Term, Second Term & Third Term)
- Media-rich, interactive and gamified content
- End-of-lesson objective questions with detailed explanations to force mastery of content
- Simulated termly preparatory examination questions
- Discussion boards on all lessons and subjects
- Guaranteed learning
ClassHall Instructor
Halima Ahmadu
Maryam