Question

basic problems of economy

Answer 1

Answer:

Basic Economic Problem

• The fundamental economic problem is the issue of scarcity and how best to produce and distribute these scare resources.
• Scarcity means there is a finite supply of goods and raw materials.
• Finite resources mean they are limited and can run out.
• Unlimited wants mean that there is no end to the quantity of goods and services people would like to consume.
• Because of unlimited wants – People would like to consume more than it is possible to produce (scarcity

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Answer 2

Basic Economic Problem

• The fundamental economic problem is the issue of scarcity and how best to produce and distribute these scare resources.
• Scarcity means there is a finite supply of goods and raw materials.
• Finite resources mean they are limited and can run out.

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