Question

What is the solution to the basic economic problem?

Answer 1

Answer:

The Economic problem ,"There are infinite wants but finite resources", –sometimes called basic or central economic problem – asserts that an economy's finite resources are insufficient to satisfy all human wants and needs. Economics involves the study of how to allocate resources in conditions of scarcity.

Answer 2

Explanation:

• The Economic problem ,"There are limited wants and limited resources", –sometimes called basic or central economic problem – asserts that an economy's finite resources are insufficient to satisfy all human wants and needs.

• Economics involves the study of how to allocate resources in conditions of scarcity.