Solving Basic Economic Problems and Solutions

Discuss the economic problem and how it can be solved

Basic Economic Problems

Basic economic problems are basically 3 types:

  1. What will be produced?
  2. How to be produced?
  3. What will be produced for?

Suppose you want togged a factory in your area.so first you have to think about what the factory you will be build .then I decided, yes you got the factory to make the pen. Makes pens for your nearest school college students.

Everything done but how to produce .you like machine based production from staff. Then you will follow capital intensive production. The above facts are a lot.

In order to produce a product, two strategies can be followed.

  • Labor intensive production techniques.
  • Capital intensive production technique.

Now let’s see what these are
Suppose your friend is a business in America, another friend china based on the business capital of America’s friend and chinas friends’ business reliance. Because there is more capital than labor in America but china has more labor than capital.

Step 4 to solve financial problems

  1. Production
  2. Exchange
  3. Distribution
  4. Enjoy.

No products will be produced only if they do not have to produce them properly and should be distribute and the economic problem will be solved through the consumption of those products or products.

Economic system: economic system of a country that is operated in the law or framework.

Basically economic system are 4 types

  1. Tremendous economic system
  2. Socialist economic system
  3. Mixed economic system
  4. Islamic economic system.

Islamic economy is governed by 4 main sources of Islam.

  • Tremendous economic system basically dependent on individual ownership
  • Socialist economic system basically dependent on govtment ownership
  • Mixed economic system dependent on govt and non govtment ownership.

The economy of Bangladesh is a mixed economy.

  • Substrate economy
  • Macro economy

Now let’s know what is the the substrate and macroeconomic:

Where personal needs, income, consumption, savings, investment etc. that is, every single individual in the economy is analyzed separately, so the economy of the substratum.

And the economics of any country that are discussed about the overall economy of the country are called macroeconomics.

Thanks
Cameron
Yale University, Economics

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