Socioeconomic Development in the 21st Century

A solid understanding of economic principles and how they are applied

in real-life situations can serve as significant tools to help address the country’s

economic problem.

To understand the basic economic problems, imagine two countries, one of

them rich and the other poor. Do they have the same economic problems? The

answer is yes, but it is not that simple. There is a difference.

The rich country can solve problems easier. They can solve problems

faster. They do not have to worry about basic problems. But for poor countries,

finding food for daily living is in itself a problem. They have a hard time finding

shelter, clothing, health services, or even education.

Another reason why even rich nations have economic problems is

because of the way human beings act. Human nature means an endless list of
wants. But there are not enough things to give us what we want. Even rich

nations cannot escape human nature and limited resources.