➢Service Cooperative. Deals with services rather than goods. A credit union is an example (employees from a particular company or government agency). ➢Producer ...

Most economists identify four factors of production: • land. • labour. • capital. • enterprise. Some economists, however, claim that there are really only three ...

The three basic economic problems are: (1) allocation of resources - deciding what, how much, and how to produce goods and for whom; (2) full utilization of ...

Resources such as workers, machines and land are limited in supply. The economic problem of scarcity arises because wants exceed resources. It is very ...

2.0 BASIC PROBLEM OF AN ECONOMY. • All countries face the problem of scarcity as their resources are limited and resources have alternative uses.

THE ECONOMIC PROBLEM. Recall the three basic questions facing all economic systems: (1) What gets produced? (2) How is it produced? (3) Who gets it? Given ...

For example, inflation is more harmful than unemployment or government should concentrate more on the control of inflation than the unemployment. Capital goods.

What to Produce? ➢ What commodities are produced and in what quantities? ➢ Will we produce pizzas or shirts today? ➢ A few high quality shirts or many cheap.

This basic problem exists in every economy - whether rich or poor; developed or developing. Scarcity of resources also leads to choice. In our example, Neha has ...

There are three basic economic problems that all modern economies must address: 1) What to produce? - Economies must determine what products and services to ...