Creating A Winning Term Paper On Economic Questions

The entire concept of economics depends upon the fact that resources are limited. We do not have an infinite supply of any of the resources because consumption of resource by one person or nation will decrease its available amount for others. This is called the concept of scarcity. The core problem lying at the very heart of economics gives rise to three basic questions i.e.

  1. What to produce
  2. How to produce
  3. For whom to produce

The governments and other state departments have to plan tactfully and create a strategy to achieve the optimum balance and meet the scarce resources for all.

To be able to write a term paper on the basic economic questions, it is important that we understand their meaning and application. You have to make sure that you have enough knowledge and understanding of each of the subject question so that you can apply this knowledge in solving economic problems. The government makes such decisions but it is the economists who carry out the evaluation and create reports for the government to see. The state may even have their own preferences but as an economist it is your duty to create a fool proof plan in any given situation or explain the limitations if any

What to produce

If you decide to write a term paper about what to produce, you will have to focus your energies and research on allocating the scarce resources. This could be any field or industry that you choose to write about like should we have more rice farms or wheat. Should the country invest more on capital goods versus consumption goods? Is it better to create more petrol cars or have an inclination towards solar cars? Should a company produce more war stuff like ammunition and weapons or invest on education?

You will have to create a sound case for any stance you develop in your paper and convince your audience with valid data for each. When you suggest anything and its production, you will also have to answer the whys and why nots about the subject

How to produce

The second economic question requires you to answer the same issue of scarcity but with a different approach. You have decided to produce one certain good but you still need to specify in what amount and using what methods this good has to be produced

For whom to produce

This is where you define the target audience and the people in the society who will be having a benefit from these goods and services that you produce.