“The Economic Problem”

 > Explanatory Article by Marios Kyriakou, MSc Economics


About the author: Marios Kyriakou has a bachelor’s degree in Economics from the University of Cyprus and a master’s degree in Economics from the University of Warwick. He is also a holder of CySEC’s Advanced Certificate in Financial Services Legal Framework and a professional in Online Trading, Forex and CFDs with more than 7 years of experience.

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<Last updated 13.04.2020>

Dear reader,

Hi! If you are interested in Economics, I’ve prepared the below to help you with your studies and comprehension. You should take a look at this short article where I explain what it means “Economic Problem“.

We have the gift of life, we are human living beings, creations, individuals who have identity. But in order to live we need to eat and drink, we need to wear clothes, we need to have a roof above our heads, a home to protect ourselves from the bad weather conditions, a place to sleep, to have security, belonging, identity, and privacy.

Otherwise, we would not be able to survive. This is how nature works and these are some of our most basic needs that we satisfy when living our lives. So, the first thing that you see when you wake up each morning is people going to work! Why? Because people need to find the resources, the means that will allow them to satisfy their basic and other needs.

When we face a situation which is unwanted or harmful and we want it to change, we say that we face a problem. People who don’t have enough resources to satisfy, at least, these basic needs, they face a situation we call Scarcity, and this unwanted situation, this specific problem of not having enough resources, is what we call an “Economic Problem”, in the area of Economics.

The world is full of resources but population growth creates needs on a continuous basis. The limited supplies of energy sources, the environmental issues, such as pollution of the air we breathe and of water, create economic problems.

Not all needs and wants can be satisfied in times of crisis, meaning that more people will be unemployed, even hungry, homeless and, in general, they won’t have the necessary to live or, if so, to have at least a happy living.

To tackle the economic problem people are always trying to find ways to fight scarcity, to utilize renewable sources of energy such as the wind, the water flow and even our sun. Since our needs and wants seem to be never ending, and somehow infinite, resources, that exist in finite quantities on the other hand, are used and are continuously depleting. Thus, finding new amounts, or even new types, of resources is required on a continuous basis, in the process of sustaining life.


“I hope I am clear on this one. If not, contact us on social media and we will do our best to help you.

Thank you for reading my articles and watching my videos.”

Marios Kyriakou

References:
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Βλαδιμήρου-Παναγιώτου Β. και Κουζαλή-Σωτηρίου Ε., Οικονομικά Γ’ Λυκείου, Κύπρος, Α΄ Έκδοση 2017.  Υπηρεσία Ανάπτυξης Προγραμμάτων, Κύπρος.
Besanko, David Braeutigam, Ronald R. Gibbs, Michael, 2011, Microeconomics, Hoboken: John Wiley, 4th ed,
International student version
Frank, Robert H., 2010, Microeconomics and Behavior, New York: McGraw-Hill Irwin, 8th ed.
Estrin, Saul Laidler, David E. W. Dietrich, Michael ., 2008, Microeconomics, Harlow: FT/ Prentice Hall, 5th ed.

Disclaimer: This article is intended for educational purposes only and does not replace independent professional judgement. Its purpose is to act as a complementary educational service to society, promoting personal development and social, economic and cultural progress of citizens. While this content has been prepared in good faith, no representation or warranty, express or implied, is or will be made and no responsibility or liability is or will be accepted by the creator to the accuracy or completeness of the information presented or any other written or oral information made available to any interested party and any such liability is expressly disclaimed.

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