Week 2

• can be a tool to solve these economic problems.

  Economics
• formulate strategic solutions to economize the problems such as economic growth or the ability to produce goods and services, reduce expectation or the ability to reduce our wants such as lessening consumption, and improve the use of resources or the capacity to use our existing resources wisely.

  Economists
• This arises because the resources are limited and have alternative uses. This problem gives rise to four basic problems of an economy

  Scarcity
• What are the basic economic problems of the country

  What to produce - WTP

  How to produce - H T P

  For Whom To Produce - F W T P

  What Provisions or laws should be made for economic growth? - W P O L S B M F E G
• is the process by which resources are transformed into useful forms. Resources are things provided by nature that can be used directly or indirectly to satisfy human needs.

  Production
• ability to produce goods and services;

  Economic growth
• What are strategic options to economize the problems

  Economic growth - E G

  Reduce Expectation - E R

  Lessening Consumption - L C

  Use our existing resources wisely - U O E R W