Examining the economic issue of "what to produce".

[Mikes smithen]

The economic problem of what to produce refers to the challenge of determining the most efficient allocation of limited resources to meet unlimited wants and needs. This is a central problem in economics and arises because resources are scarce and finite, whereas human wants and needs are unlimited. As a result, societies must make choices about what goods and services to produce and in what quantities. The solution to this problem requires balancing the competing demands for limited resources and making trade-offs between different goods and services. This is known as the production possibility frontier. The economic problem of what to produce is a fundamental challenge that all societies must address in order to achieve economic growth and development.

The economic problem of what to produce is an ongoing challenge for economies, as the demands and needs of society change over time. The solution to this problem involves a series of decisions about the allocation of resources, including:

WHAT GOODS AND SERVICES TO PRODUCE: The economy must decide which goods and services to produce, taking into account consumer preferences, technological advancements, and the availability of resources.

HOW MUCH TO PRODUCE: The economy must determine the quantity of each good and service to produce, taking into account the potential demand and the cost of production.

HOW TO PRODUCE: The economy must decide on the most efficient method of production, taking into account the available techaccount the available technology, the cost of production, and the availability of resources.

FOR WHOM TO PRODUCE: The economy must determine who will benefit from the production of goods and services, taking into account the distribution of income and wealth in society.

These decisions are influenced by market forces, such as supply and demand, and are guided by the principles of microeconomics. The goal of the economic problem of what to produce is to allocate resources in a way that maximizes economic efficiency and consumer satisfaction. In conclusion, the economic problem of what to produce is a fundamental challenge faced by all economies and requires a careful balancing of competing demands for limited resources. It is a complex problem that requires ongoing attention and decision-making, in order to achieve economic growth and development.

 

[Axis]

The economic problem of what to produce is frequently asked as a result of we living in a classless society and also living in some areas where raw materials are in short supply. Not all regions and countries of the world are blessed with abundant raw materials however there are some regions and countries of the world in which raw materials whether provided by nature or by man-made implications are not insufficient supply. However for businesses to solve the problem of to produce the most definitely examine the other series of questions following this particular question which is how to produce and For whom to produce.

Basically when business organisations are able to find out what criteria of individuals they are looking to satisfy their needs and wants that can definitely instill in their minds what exactly they should produce to meet such targeted audience. On the other hand when businesses know exactly how to produce giving a particular raw material that can definitely help them to understand what exactly they should produce.

 

[moonchild]

This depends solely on the type of community you live in, if you live in a community where there isn't much economic activity then you are beter selling wants, like food, clothes, school services and other things that people can't live without think of the basic neccessities of life and then build a business around that.

If you live in a country or region with a good economy, you should venture onto needs, this is why Facebook, Netflix and other big corporations exist today, they are solving a problem that is not primate to us humans, but it is self fulfilling, people are not going to die if they did not watch Netflix but it is a strong need to get entertained.

I think this is a good framework you can get started with, it might not be as clear as this but it is probably a fresh perspective to look at economies

 

[Etini]

To determine what to produce, it is essential to examine the common problems and needs of a society. This involves understanding the current economic, social, and political climate, as well as considering the resources available.

By identifying the most pressing issues, we can prioritize the production of goods and services that will have the greatest impact on the well-being of the population. By taking a comprehensive approach to determining what to produce, we can help to ensure that resources are allocated efficiently and effectively, leading to a more prosperous and sustainable society.


Identification of the problem is the start of any business. There must be a common problem you are trying to solve.