THE NATURE OF ECONOMIC PROBLEM.

Economic problem comes out of the resources needed to satisfy human wants. Resources available are limited and dues to this it is not easy to satisfy everyone's want at same time. Nigeria as a county is blessed with some free gifts of nature such as gold, silver which are mineral resources, forests which are for different use, land, and other mineral resources which are both mental and physical. All this essential instruments aids the production of wealth and many more.

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The human resources can be splitted into 3 dimensions which are;

1. LAND: This is an inheritance of man. It is acquired or inherited from parents of family. Land is part of the inheritance or the earnings which is able to yield you more profit in no time and it can make you grow more and become profitable.

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1. NATURAL RESOURCES: It is a gift of nature, the gift of nature includes forest, land and other minerals. In west Africa as a while, God has bestowed us with some natural resources which are used as a source of income. For instance, Nigeria is gifted with oil while other countries with gold,iron bauxite and many more.

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1. CAPITAL: This is a reward gotten from the labour you have done. Some take capital as wages, salaries and so on. Capitals can be used to get goods or commodities for human consumption.

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This are what I call the factors of production,Because all this are what are used to satisfy human wants which are scarce and limited.

SOME BASIC ECONOMIC PROBLEMS

1. Utilization of country's resources.
2. The problem of resources allocation.
3. The means by which the good supplied to a society are produced.
4. The way national products are shared amongst individual or groups in the society.
5. Mortality rate.

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Development plan are what are necessary in the country for better improvement in the country as a whole. When the development plans of a country is fully utilized the scarce resources would accelerate and help economic development and increase the standard of living of the entire people in the country with a specific time.