{"id":5331,"date":"2019-02-14T09:25:15","date_gmt":"2019-02-14T03:55:15","guid":{"rendered":"http:\/\/astan.lk\/al_virtualclassroom\/?p=5331"},"modified":"2019-02-16T09:54:39","modified_gmt":"2019-02-16T04:24:39","slug":"basic-economic-problems","status":"publish","type":"post","link":"https:\/\/astan.lk\/al_virtualclassroom\/basic-economic-problems\/","title":{"rendered":"Basic economic problems"},"content":{"rendered":"<h3><span style=\"color: #000000;\"><strong>A society faces the following common and basic economic problems.\u00a0 What is produced in what quantity? \u2013 Problem on resource allocation<\/strong><\/span><\/h3>\n<ul>\n<li><span style=\"color: #000000;\">How to produce? -problem on technology use<\/span><\/li>\n<li><span style=\"color: #000000;\">For whom to produce? \u2013 Problem on how to distribute production<\/span><\/li>\n<li><span style=\"color: #000000;\">Basic economic problems arise due to limited resources, alternative uses of resources<\/span><br \/>\n<span style=\"color: #000000;\"> and unlimited human wants<\/span><\/li>\n<\/ul>\n<h3><span style=\"color: #000000;\"><strong>Basic economic problem of What to produce in what quantity, arises due to the\u00a0<\/strong><strong>following reasons<\/strong><\/span><\/h3>\n<ul>\n<li><span style=\"color: #000000;\">Available resources are limited<\/span><\/li>\n<li><span style=\"color: #000000;\">Resources have alternative uses<\/span><\/li>\n<li><span style=\"color: #000000;\">Human wants are unlimited<\/span><\/li>\n<\/ul>\n<h3><span style=\"color: #000000;\"><strong>Two types of main technology could be identified when we find solutions to the basiceconomic problem of How to produce?<\/strong><\/span><\/h3>\n<ul>\n<li>Labor intensive technology<\/li>\n<li>Capital intensive technology<\/li>\n<\/ul>\n<h3><span style=\"color: #000000;\"><strong>Basic economic problem of What to produce in what quantity arises due to the following reasons<\/strong><\/span><\/h3>\n<ul>\n<li>Available resources are limited<\/li>\n<li>Resources have alternative uses<\/li>\n<li>Human wants are unlimited<\/li>\n<\/ul>\n<h3><span style=\"color: #000000;\"><strong>Two types of main technology could be identified when we find the solution to the basic\u00a0<\/strong><strong>economic problem of How to produce?<\/strong><\/span><\/h3>\n<ul>\n<li>Labor intensive technology<\/li>\n<li>Capital intensive technology<\/li>\n<\/ul>\n<h3><span style=\"color: #000000;\"><strong>The basic economic problem of How to produce? arises due to the following reasons<\/strong><\/span><\/h3>\n<ul>\n<li>Alternative combinations of factors of production<\/li>\n<li>Change in comparative cost<\/li>\n<li>Limited resources<\/li>\n<\/ul>\n<h3><span style=\"color: #000000;\"><strong>The basic economic problem, \u201cfor whom to produce?\u201d arises due to the following reasons<\/strong><\/span><\/h3>\n<ul>\n<li>Limitation of the quantity of goods produced<\/li>\n<li>Change of personal purchasing power<\/li>\n<\/ul>\n<p>Even though the basic economic problems are common for all the method used to solve the problem differs from society to society<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A society faces the following common and basic economic problems.\u00a0 What is produced in what quantity? \u2013 Problem on resource allocation How to produce? -problem on technology use For whom to produce? \u2013 Problem on how to distribute production Basic economic problems arise due to limited resources, alternative uses of resources and unlimited human wants [&hellip;]<\/p>\n","protected":false},"author":842,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[54,2679],"tags":[],"class_list":["post-5331","post","type-post","status-publish","format-standard","hentry","category-economics","category-unit-1-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Basic economic problems - Learning &amp; 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