Basic Economic Problem?

Answer

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 and enterprise and cannot be enough since our wants are very extensive and a choice has to be made in the best way possible.
Q&A Related to "Basic Economic Problem?"
There is only one tool available which can be used to change the economic environment by governments, interest rates. This figure is usually set by a central bank in developed countries
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What to produce? A nation must determine what good or services that they want to produce. How many and when? How to produce? Who will do the production, the resources and what production
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The basic problem of economics is people have limited and less resources but
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'Poverty' It implies that many people are unable to join economic activity and are 'disadvantaged' Economics is Anthropo-centric and its aim (basic) is to bring people to join the
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Ask.com Answer for: what is the basic economic problem
The basic economic problem asserts that there is scarcity, or that the finite resources available are insufficient to satisfy all human wants and needs.
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