Question

Basically the economic problem is the problem of resource allocation elaborate

Answer 1

Explanation:

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Answer 2

Answer:

The problem of allocation of resources arises due to the scarcity of resources, and refers to the question of which wants should be satisfied and which should be left unsatisfied. In other words, what to produce and how much to produce.

The fundamental economic problem is the issue of scarcity but unlimited wants. ... Because of scarcity, there is a constant opportunity cost – if you use resources to consume one good, you cannot consume another.