Main central Economic Problems for all works.

1) What to produce and in what quantities? 

Solution - Problem of resource allocation.

2) How to produce? 

Solution – Choice of technique.

3) For whom to produce? 

Solution – Problem of distribution.

4) How efficient is the society’s production and distribution?
Solution - Efficiency vs. Equity (or justice).

5) Are the country’s resources being fully utilized?

Solution - Problem of unemployment.

6) Is the purchasing power of money constant?

Solution – The issue of inflation.

7) Is the economy growing from year to year?

Solution – The issue of economic growth.

Note, the first four problems are microeconomic problems and the rests are macroeconomic problems.