The basic economic problem that societies must solve is: B. How to allocate resources in order to best satisfy the needs and wants of people.
Economic needs can be defined as the goods and services that are required by the people or consumers for their daily survival. Some examples of economic needs are: shelter, food, water, land, air, etc.
Economic wants can be defined as the goods and services that are desired by consumers but are not important for their survival. Some examples of economic wants are air conditioner, mobile phone, radio set, automobile cars, computer, carpet, clothes, television, furniture, etc.
Generally, the basic economic problem within societies revolve around economic needs and economic wants. Thus, it is very important that the government of a particular country decides on how scarce resources are to be allocated to the manufacturer of goods and services, so as to best satisfy the needs and wants of people.
In conclusion, the allocation of resources is a basic economic problem that societies must solve, in order to best satisfy the needs and wants of people.
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