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The basic economic problem involves allocating scarce resources efficiently to meet people's needs and wants.
The basic economic problem faced by many economies is the challenge of how to allocate society's scarce resources to produce the combination of goods and services that best satisfies people's preferences.
For example, when a country has limited resources like land, labor, and capital, it must decide what to produce, how to produce, and for whom to produce, leading to trade-offs and choices.
Scarcity creates the need for societies to make economic decisions to optimize resource utilization.
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