Question

relationship between scarcity, value, utility, and wealth?

Answer 1

The fundamental economic problem is bthat societies do not have enough productive resources to produce everything people want, aka scarcity. The value of a good or service depends on its scarcity and utility. Wealth is the accumulation of these tangible and useful goods.

Answer 2

Answer:

The fundamental economic problem is that societies do not have enough productive resources to produce everything people want, aka scarcity. The value of a good or service depends on its scarcity and utility.. Wealth is the accumulation of these tangible and useful goods.