How do different types of economic systems solve the economic problem Free Essay, Term Paper and Book Report
What is the economic problem? How do different types of economic systems solve the economic problem? Determine their success in solving this problem.
The economic problem involves the question of how to satisfy unlimited wants with limited resources. The economic problem arises because the supply is limited or finite in relation the demands or wants of individuals. Wants are the desires of individuals, communities and countries for goods and services that are not usually considered essential or necessary (e.g. a new care or a holiday house). Wants can also be classified according to their nature, that is, basic wants (needs that all individuals must satisfy to some degree such as food clothing and shelter), recurring wants (food and water), substitute wants, luxury wants (holidays, entertainment and cars), complementary wants (cars and petrol, computers and printers), individual wants (according to ones preference and income) and collective wants (health care, defence and police). These wants can be generated by trends in fashions, advertising, planned obsolescence, popu......
Word Count: 1374
Page Count: 5.4 (250 words a page / double spaced)
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