What is economics ??
As we all know economics is a social science that study the resource of allocation,distribution and consumption of capital and investment and of management of the factors of production.
So Economic problems refers to the problem people, person, or individual encounters in the society while attempting to satisfy their numerous wants with the limited resources.
Therefore basic economic problems includes What to produce,how to produce, for whom to produce and efficiency of resources or efficient use of resources.
Â What to produce??
Â The question of what to produce is one of the basic economic problems that confront any society or organization. The problem arises mainly as a result of the fact that human wants are unlimited relative to available resources ,it is practically impossible to produce all human wants or needs hence the need for resources allocation in order to meet the pressing needs of the people.