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 deal with the economic problem, individuals must show preference for one good or service over another and be prepared to sacrifice many of the things that they desire. The individual must also plan how much of his/her income they will spend and how much they will save.…