The economic problem can best be stated as
◦ How can the economy improve technology so as to shift the production possibility frontier up and to the right?
◦ Given scarce resources, how exactly do societies go about deciding what to produce, how to produce it, and for whom to produce?
◦ Given the fact that the economy is inefficient, how much and what type of government intervention should be used to improve the efficiency of the economy?
◦ What is the best rate of economic growth for a society?