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Explain the economic problem and how different groups attempt to solve it.
The economic problem can be described as attempting to satisfy the unlimited and ever changing wants of the consumer with limited resources. As these wants can never be satisfied, all individuals, businesses and governments are faced with the choice of what to obtain with those resources. As each consumer group's wants and resources varies greatly, each deals with trying to solve the economic problem in a different way.
The choices made by each individual are unique, depending on income, age, gender, living situations, education, voting, retirement and personal expectations. In order to de…
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