Basic Economic Problem?


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.
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1 Additional Answer 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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