ECONOMICS 101 Assignment
ECONOMICS 101 Assignment
ECONOMICS 101 Assignment
The basic problems in the society arise from the central problem of scarcity of resource,
which are the questions, what to produce? How to produce? For Whom to produce and;
what are the provisions to be made for economic growth.
- What the does a society do when the resources are limited? The society needs to decide
what goods/services should the they produce in terms of their current needs and wants.
- How to produce? What the various methods required to create these products, in terms
of the different scales of the production of the commodity, what methods pertain to small
scale production that produces efficient and effective handling of these economic
resources, etc.
–For whom to produce, the society has to decide on who gets what share of the total
output of goods and services produced.
-Lastly, what are the these minor or major problems that a society must resolve in order
to progress.
2) Describe and state the importance of Economic Resource
Economic resources are the factors used in producing goods or providing services. In
other words, they are the inputs that are used to create things or help you provide services.
Economic resources can be divided into human resources, such as labor and
management, and nonhuman resources, such as land, capital goods, financial resources,
and technology.
An economy is a system of institutions and organizations that either help facilitate or are
directly involved in the production and distribution of goods and services. Economic
resources are the inputs we use to produce and distribute goods and services. The precise
proportion of each factor of production will vary from product to product and from service
to service, and the goal is to make the most effective use of the resources that maximizes
output at the least possible cost. Misallocation or improper use of resources may cause
businesses, and even entire economies, to fail.
Sources:
https://www.toppr.com/guides/business-economics/introduction-to-business-
economics/basic-problems-of-an-economy/
https://keydifferences.com/difference-between-positive-and-normative-
economics.html
https://www.educba.com/positive-economics-vs-normative-economics/
https://study.com/academy/lesson/what-are-economic-resources-definition-types-
examples.html
https://www.economicshelp.org/blog/3491/economics/difference-between-gnp-gdp-
and-gni/