Question

what is meant by economic problem?
short answer
pls help​

Answer 1

Answer:

The economic problem

All societies face the economic problem, which is the problem of how to make the best use of limited, or scarce, resources. The economic problem exists because, although the needs and wants of people are endless, the resources available to satisfy needs and wants are limited.

Limited resources

Resources are limited in two essential ways:

Limited in physical quantity, as in the case of land, which has a finite quantity.

Limited in use, as in the case of labour and machinery, which can only be used for one purpose at any one time.

Choice and opportunity cost

Choice and opportunity cost are two fundamental concepts in economics. Given that resources are limited, producers and consumers have to make choices between competing alternatives. Individuals must choose how best to use their skill and effort, firms must choose how best to use their workers and machinery, and governments must choose how best to use taxpayer’s money.

Explanation:

MARK ME AS BRAINLIEST

Answer 2

Answer:

Bts is a kpop korean boy band And Purple means I will trust and love you for a long time, "I just made it up," he said. ... Since Taehyung coined the phrase, fans have used the color purple to express their adoration and affection for BTS

Explanation:

Hope you clear about it ❤️✌