The Economic Problem
Storyboard Text
- The Economic Problem
- Oh No! This is the last bit of food left. Everything is scarce and limited! What will i do?
- How to Solve the ECONOMIC PROBLEM?
- I am the government. I need to find a way to solve the economic problem.
- Three Economic Questions1. What to Produce?2. How to produce?3. For Whom to Produce?
- Question # 1: What to Produce?
- Should we produce machinery which will create future goods or should we produce goods for immediate use?
- Our needs and wants are never satisfied because they are unlimited, while resources available to satisfy those needs are limited. This is called the economic problem.
- Question # 2: How to Produce?
- Should we use labour, automation or a combination of both?
- The economic problem is related to scarcity because business owners can never satisfy human wants and needs.
- Question # 3: For Whom To Produce?
- Who gets more? Who gets less? Should the poor recieve more or should things be shared equally?
- What? How? For whom? Since the days of early human existence, societies were forced with three basic economic questions given the limited resources available to them.
- SO, What is an economic System?
- An economic system is a means by which societiesor governments organize and distribute available resources, services, and goodsacross a geographic region or country.
- HMMMMM......
- Which one gets it?
- Definition of Economics System.
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