The universal economic problem is:?
deciding how to reduce pollution.
balancing the federal budget.
allocating scarce resources.
how to assure businesses remain competitive.
how to increase technology in the economy.
Answer:
Allocating scarce resources to meet the unlimited wants of society.
*Edit*
Let me make this clearer. There only so much resources that an economy has meet the demand of it's society. For example, a nation makes paper. Well there is only so many trees in that nation, so many people to cut the trees, so many that can grind up the trees and there is only a certain amount of time that this can be done.
The nation need to have paper and there will always be a demand for it, so the person in charge has to make choices on how to best allocate all the resource he has avalible to him.
no, it is how to meet needs.
how to meet the needs of humans
now and in the future.
that is the central economic problem.
needs for food, water, etc.
see economist max-neef from chile.
economies should meet people's needs.
aaaand.how is this a question?
Of all your possibilities listed, the most universal is the allocation of resources which ultimately boils down to: How much does one person/country get to have in relation to other persons/countries? And considering how seriously wasteful we are here in the US, the question might be tweaked into: How much is too much?
Peace
As long as ONE person is suffering on this planet due to hunger, lack of shelter or even lack of mental faculties then...
No one can be truly Wealthy Happy and Free to live as the creator intended as long as we allow the things that are "happening" on this planet to take place.
Therefore the economic problem is unfathomable greed, cooling of love among peoples, and indifference to the plight of others.
If we don't care, why should the economically elite care?
The universal economic problem is the allocation of scarce resources. Any other economic problems can be directly or indirectly tied to this universal problem.
The allocation of scarce resources. If there was no scarcity there would be no economics and the rest of the problems you have listed would also be of no concern.
If there was no worries about the allocation of scarce resources we could devote unlimited resources to tackling environmental problems, the federal budget would be of no concern and technology in the economy would be increased by devoting more and more resources to R&D. As for ensuring that business remains competitive I don't know that competition would be an issue in a world of unlimited resources.
#3. The universal economic problem is the scarcity of resources. That is the basis for the study and application of economics. What system most efficiently allocates scarce resources?
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