Quote from: HelliumZ on May 11, 2025, 09:39:18 AM

Quote from: BitcoinAleph on January 21, 2025, 04:58:24 AM

The basic economics problens of society arise because of scarcity of resources.
Every society has to address three basic problems of daily living namely: what commodities to produce;how to produce them; for whom to produce these goods and services; and how to distribute. It must ration resources over time as well as maintain the current level of output and strive to achieve economic growth in the society

In addition to the three economic problems mentioned above, some other important fundamental problems in a society include the lack of an educated population. If the citizens of a country are not educated, they will lag behind in terms of production, and as a result, economic development will not be possible. If a country's government system is not good, then economic development is never possible in that country. Leadership and good management play an important role in preventing corruption in a country. The less corruption a country has, the more economic development is possible.

Apart from all these important reasons, there are some other geographical reasons due to which a country cannot develop economically. Especially when a country cannot produce crops due to climatic reasons due to its geographical location and has to depend on imports for crops, those countries generally cannot develop economically. Agricultural production is generally not possible in areas such as barren deserts, flood-prone areas, high and low mountainous regions, due to which a country always lags behind in economic development. Moreover, the reasons mentioned above, especially bad government system, corruption at all levels of the country, rising prices, inflation, lack of skilled manpower, lack of factories, lack of communication systems, illiterate population, etc., play a huge role in the economic development of a country.