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Andrew E
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The
problem states that while the resources we have are finite, human wants are infinite
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These three problems are:
“What to produce?” What are you going to produce and how much of it are you
going to produce?
“How to produce?” How are you going to produce this? By investing in more
machines or investing in more manual labour?
“For who to produce?” For whom are you going to produce these goods? And how
are they going to be distributed?
These problems are fundamental for economics
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First we have to fulfil needs which are different from
wants as needs are more basic and important
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When we choose to produce
something but not the other there is an opportunity cost
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Keeping the three problems above in mind, we have to see how many capital goods to
produce and how many consumer goods to produce, as both are important we have to find
a good production ratio between the two
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