Introduction to Economics - Basic Economic Concepts and Theories

Three fundamental problems are to be solved by every economy.

1. what kinds and quantities shall be produced of all possible goods and services?

2. How shall resources be used in producing these goods?

3. And for whom shall the goods be produced? Or what shall be the distribution of consumption among different individuals in the economy?


Society solve these problems in different ways - by custom, by commnad and control (central planning) and in mixed economies and free market economies by a system of prices and markets.


Video Lecture - Economics


Prof Kenneth Train
UC Berkeley
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6 comments:

  1. These theories are quite obvious and valid to run a business transaction. The economics assignment help you in all ways to understand this circle.

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  4. can someone please help me with a note on Micro Economics

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  5. also one on basic concepts and theories of economics

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