What is the Economic Problem?

Micro – The Economic Problem and the Factors of Production

In this course, Dr. Simon Halliday (University of Bristol) discusses the economic problem and the factors of production. In the first module, we look in detail at what the economic problem is. After this, we look at wants, needs and different types of goods. In the next module, we explore what economics is and have a closer think about production. Finally, we look at how economic actors make decisions.

What is the Economic Problem?

In this module, we look in detail at what the economic problem is. In particular, we focus on: (i) the question of what is the economic problem; (ii) the question of what the economic problem isn’t; and (iii) the questions that result from thinking about the economic problem.