The following are the main problems, for which an economic system is, needed to solve it. These can’t be solved with out an efficient economic system that lacks of the characteristics of solving major problems. Some of these problems are given below, which need to be solved,
1. Determination of priorities (How)
2. Allocation of resources (How)
3. Distribution of income (How)
4. Development (How)
An economic system is needed to solve the basic economic problems of individuals and the nation as a whole. Because these are the problems, that are facing both, individuals and nations as a whole.