1) What are the basic economic problem of society?

The basic problems in the society arise from the central problem of scarcity of resource,
which are the questions, what to produce? How to produce? For Whom to produce and;
what are the provisions to be made for economic growth.
- What the does a society do when the resources are limited? The society needs to decide
what goods/services should the they produce in terms of their current needs and wants.
- How to produce? What the various methods required to create these products, in terms
of the different scales of the production of the commodity, what methods pertain to small
scale production that produces efficient and effective handling of these economic
resources, etc.
–For whom to produce, the society has to decide on who gets what share of the total
output of goods and services produced.
-Lastly, what are the these minor or major problems that a society must resolve in order
to progress.
2) Describe and state the importance of Economic Resource
Economic resources are the factors used in producing goods or providing services. In
other words, they are the inputs that are used to create things or help you provide services.
Economic resources can be divided into human resources, such as labor and
management, and nonhuman resources, such as land, capital goods, financial resources,
and technology.
An economy is a system of institutions and organizations that either help facilitate or are
directly involved in the production and distribution of goods and services. Economic
resources are the inputs we use to produce and distribute goods and services. The precise
proportion of each factor of production will vary from product to product and from service
to service, and the goal is to make the most effective use of the resources that maximizes
output at the least possible cost. Misallocation or improper use of resources may cause
businesses, and even entire economies, to fail.

3) Differentiate positive and normative economic.

Positive economics is related to the analysis which is limited to cause and effect
relationship. On the other hand, normative economics aims at examining real economic
events from the moral and ethical point of view. It is used to judge whether the economic
events are desirable or not. Positive economic deals with facts while normative economic
is value judgment based. The statements of a positive Economics can be tested using
scientific methods while Normative economic statements cannot.
4) Differentiate Gross National Product and Gross Domestic Product
GDP (Gross Domestic Product) is the money value of all the goods and services
produced within a country. While GNP (Gross National Product) is the money value of all
the goods and services produced by the RESIDENTS of a country. Residents refer to the
people and corporations that normally reside in a country for more than 1 year, and work
there. GDP measures the value of commodities (goods + services) produced within the
country, no matter whether produced by Residents or non-residents (country concept),
on the other hand, GNP measures the value of commodities produced by all the
RESIDENTS, no matter whether produced within the country or abroad (resident
concept).

Sources:
https://www.toppr.com/guides/business-economics/introduction-to-business-
economics/basic-problems-of-an-economy/
https://keydifferences.com/difference-between-positive-and-normative-
economics.html
https://www.educba.com/positive-economics-vs-normative-economics/
https://study.com/academy/lesson/what-are-economic-resources-definition-types-
examples.html
https://www.economicshelp.org/blog/3491/economics/difference-between-gnp-gdp-
and-gni/