State the fundamental economic problems'?

       The fundamental economic problem is related to the issue of scarcity, there are three types of economic problem, and those are:

1.    What to produce?

         The basic economic problem is what we can produce by using scarce resources with proper utilization. 

      2.    How to produce?

   Many commodities can be produced by using different methods of production. Some manufactured goods can be produced either by small firms using a lot of skilled labor or by mass production methods, in which a lot of capital equipment is used. So the problem is what to produce is by what methods would be used.

3.    For whom to produce?

         Question 1 and 2 are problems of production but even if the problems of production arc solved, there is still the problem of distribution — how should the things which have been produced be shared out among the numbers of the community?