From af316328a9ea8e9fe55a703104b55cabdaa3cd43 Mon Sep 17 00:00:00 2001
From: Jeeva Vinod <116909239+Je-eva@users.noreply.github.com>
Date: Sat, 18 May 2024 14:48:58 +0530
Subject: [PATCH 1/3] Create SUMMARY.md
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+HUT300
From c4860502396d2d8e4ddc9372fa25ca5d61313b9f Mon Sep 17 00:00:00 2001
From: Jeeva Vinod <116909239+Je-eva@users.noreply.github.com>
Date: Sat, 18 May 2024 14:57:07 +0530
Subject: [PATCH 2/3] Create 1_1basic_economic_problems.md
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+# 1.3 Basic Economic Problems
+
+Every economy faces three basic and fundamental economic problems. The economy must first of all decide what products are to be produced, how these commodities are made, and finally decide for whom these are to be produced. The issue arises due to the scarcity of resources and the ever-increasing quantity of products that are demanded.
+
+## 1. What to Produce
+
+The economy has to decide what commodities and services it will produce. An economy wants many things, but it is not possible to make everything with the available resources. It also has to settle on the quantity of various products to be produced. Should it produce food or machines? Should scarce resources be used to produce more electronic gadgets, or should they be used to produce electric power plants which will ensure industrial growth tomorrow?
+
+## 2. How to Produce
+
+The second central problem faced by any economy is to determine the production techniques that will be used to produce different products. This problem arises because the same commodity can be produced using different technologies. Should electricity be generated from coal, oil, thermal, or nuclear? Should factories use labour-intensive or capital-intensive techniques? Commodities would be produced by employing those techniques which maximize output at the minimum cost.
+
+## 3. For Whom to Produce
+
+An economy produces commodities for use and hence it has to decide the final users of various commodities. It also has to decide who gets the benefit of economic activity. A country may produce a large number of low-cost products meant for all or it may produce a few products meant for luxurious consumption. This problem is concerned with the distribution of the national product in a fair and equitable manner. An answer to this question depends largely on the policies of the government.
+
+## Additional Economic Problems
+
+Apart from these fundamental issues, modern economies have to solve three more basic problems.
+
+### 4. The Problem of Economic Efficiency
+
+Production is said to be efficient if the resources are utilized in such a way that through reallocation it is impossible to produce more of one good without reducing the output of any other.
+
+### 5. The Problem of Full Employment of Resources
+
+Full employment would occur when all the available resources of a country are fully utilized. Countries go through situations where people are searching for work and factories are lying idle but manufacturing does not take place. This is particularly severe during times of recession.
+
+### 6. The Problem of Economic Growth
+
+An economy has economic growth only when its productive capacity to produce more and more goods and services increases over time. Such a country will constantly witness an increase in the standard of life of the people.
From 82cd0a43e8f7edfcf7c77dd28918f29db75e681a Mon Sep 17 00:00:00 2001
From: Jeeva Vinod <116909239+Je-eva@users.noreply.github.com>
Date: Sat, 18 May 2024 15:00:50 +0530
Subject: [PATCH 3/3] Update README.md
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@@ -22,6 +22,8 @@ Thanks goes to these wonderful people ([emoji key](https://allcontributors.org/d
Irene Rose Johnson
📖 |
Aravind S
📖 |
milandeepak
💬 📖 |
+ 
Jeeva Vinod
📖 |
+