What is meant by the “Economic Problem”?
• OMG Che’s Gone till May…❀ asked 2 years ago
Was originally asked on Yahoo Answers United States
I know it has to do with sacristy and operating and producing efficiently and such, but can you sum that up in more details please, so that I may understand it better.
Thank you so much =D
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• Harbans Lal answered 2 years ago
Before knowing what is economic problem, it is in a place to understand what is the scope of economic. When we think economic, it covers, goods and services, their marketability, supply and demand thereof, transportation of goods produced, infrastructural development, monetary policy, trade inside the country and abroad, barter system, industrial and agricultural production, etc. In other words, it covers everything under the sun which has got money as a unit.
When all the factors mentioned ibid are in consonance with economics of scale, then, we can construe that that economy is in best of health. On the other hand when there are some bottlenecks due to one reason or the other and that shortfall creates imbalance in the supply and demand or adversely affects the other factor(s) then that economy is deemed to face intractable problem and if not streamlined may have cascading affect thus resulting in Economic slow down or to borrow your term “Economic Problem”.
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