Explain the nature of the economic problem and why do all countries face it? [8m]

The nature of the economic problem is that it is an interdependent and interconnected one. All countries, if not for a few, form a global network in terms of supply chain, technology advancements, capital and labour. We are no longer bounded by geographic locations however, the world itself still faces scarcity. Each country has unlimited wants and desires and unfortunately, there is a scarcity of resources in this world. Efforts from as small as an individual level, is needed to make informed choices. On a national scale, the government body, multinational corporations, the unions and NGOs work together to make informed choices. There are trade-offs to be made when leaders from two countries hold bilateral talks and come to an agreement. However, all if not most countries face it and that is the nature of the economic problem. 

Time: 30 mins