The "economic problem" is that given scarce resources, how do large societies go about answering the basic economic questions of what will be produced, how it will be produced, and who will get it.

Economic Problem

The fundamental challenge of having limited resources to meet unlimited wants, necessitating choices and priorities in resource allocation.

Scarce Resources

Resources that are limited in supply and cannot fulfill all human wants and needs completely, leading to the necessity of choices and priorities in their use.