Question

State the fundamental fact that has led to emergence of economics problem.

Answer 1

Answer:

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Explanation:

The fundamental economic problem

The fundamental economic problem is related to the issue of scarcity. Because of limited resources and infinite demands, society needs to determine how to produce and distribute these relatively scarce resources. Of course, it is possible humans could limit their demands and be satisfied with the basic necessity's of life. In some tribal society's / spiritual communities you could argue there is no economic problem because the limited resources are more than adequate to meet all their wishes.

However, society is mostly dominated by people wishing to consume more goods and services than are available. Because there is a shortage of resources, economics considers:

1.What to produce?

2.How to produce?

3.For whom to produce?

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