What is the fundamental problem?
as a type ofmust confront and solve the three fundamental economic problems:
Economic systems solve these problems in several ways:”… by custom and instinct; by command and centralized control (in) and inthat “…uses both market signals and government directives to allocate goods and resources.”The latter is variously defined as anblending elements of awith elements of a,with, orwith…”
wrote inEconomics, a “canonical textbook” of mainstream economic thoughtthat “the, working through supply and demand in competitive markets, operates to (simultaneously) answer the three fundamental problems in a mixed private enterprise system…”At, the value society places on a good is equivalent to the value of the resources given up to produce it (equals). This ensures-the additional value society places on another unit of the good is equal to what society must give up in resources to produce it.
The solution to these problems is important because of the “fundamental fact of economic institution life” that …