In this regard, what does computable mean?
capable of being computed
Additionally, what is not computable? A non-computable is a problem for which there is no algorithm that can be used to solve it. Most famous example of a non-computablity (or undecidability) is the Halting Problem.
Thereof, what does effectively computable mean?
Informal definition: A function f is effectively computable if there are definite, explicit and 'mechanical' instructions for computing each value of f. We ignore physical limitations on time, speed, and storage.
Why do we need to check computability of a problem?
In situations when an algorithm is, in principle, possible, sometimes, the only possible algorithms requires so much computation time -- e.g., longer than the lifetime of the Universe -- that they are not practically feasible. It is therefore desirable to know if the given problem can be feasibly solved.
