Scarcity the Economic Problem?

Answer

The problem of scarcity is an economic problem. It occurs when there are wants but not enough resources to produce everything that is wanted. When this happens there are decisions that must be made. The main decision is where to use the limited resources. One way to understand this is that you are running low on food in the house and the markets are closed. One person wants to use the ground beef to make meatballs and someone else wants hamburgers. You must decide how to use that ground beef, which is the resource.
Reference:
Q&A Related to "Scarcity the Economic Problem?"
In an economic context, scarcity means that resources do not exist in unlimited quantities. Resources such as land, labor and capital-the three main factors of production in economics-are
http://www.ehow.com/about_6323181_problem-scarcity...
Where resources are finite, or require active distribution, they can become unavailable in the quantities needed or desired, at least in some locations. Scarcity (a lack of sufficient
http://wiki.answers.com/Q/Why_is_scarcity_the_basi...
The science of economics, such as it is, revolves around the
http://www.chacha.com/question/what-is-the-origin-...
the principle of scarcity (or perceived scarcity) is the primary motivator for all economic activity, if every thing was plentiful everywhere all the time what would people trade
http://answers.yahoo.com/question/index?qid=200802...
Explore this Topic
The basic economic problem is scarcity which involves a lack of resources enough to satisfy human needs and wants. These resources include land, labour, capital ...
Scarcity is a problem because it necessitates us to make choices and forego some things. This bars us from acquiring everything in plenty as we would desire and ...
Scarcity is a lack of a particular substance that a person needs to survive. In Economics, scarcity drives the prices of things up, as related to supply and demand ...
About -  Privacy -  Careers -  Ask Blog -  Mobile -  Help -  Feedback  -  Sitemap  © 2014 Ask.com