The economic problem can best be stated as:
A) How can the economy improve technology so as to shift the production possibility frontier up and to the right?
B) Given scarce resources, how exactly do societies go about deciding what to produce, how to produce it, and for whom to produce?
C) Given the fact that the economy is inefficient, how much and what type of government intervention should be used to improve the efficiency of the economy?
D) What is the best rate of economic growth for a society?

Question

Quizplus · Accepted Answer

The economic problem, fundamentally, revolves around the allocation of limited resources to satisfy unlimited wants and needs. This entails making decisions on what to produce, how to produce, and for whom to produce, given the scarcity of resources.

The Economic Problem Can Best Be Stated As