Define an economy. Why does it faces the problem of how to produce'?

1.	Define an economy. Why does it faces the problem of how to produce'?
Answer» It is a system comprising all economic activities directed towards the satisfaction of unlimited human wants using limited resources. It faces the problem of how to produce because it impacts production (or efficiency) on the one hand and the degree of employment on the other hand higher productivity often implies a lower degree of employment.

Answer»

It is a system comprising all economic activities directed towards the satisfaction of unlimited human wants using limited resources.

It faces the problem of how to produce because it impacts production (or efficiency) on the one hand and the degree of employment on the other hand higher productivity often implies a lower degree of employment.

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Define an economy. Why does it faces the problem of how to produce'?

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