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The basic economic problem is scarcity, which is the idea that human beings want more things than are available to them. In other words, there are a limited amount of resources, so...

What Are the Basic Problems of Economics?
Despite the economies importance to governments, businesses and the general public, it is a very unpredictable force which can change very quickly. There are many factors which can affect the economy, each with its own quirks when it comes to economic... More »
Difficulty: Easy
Source: www.ehow.com

Economic problem


The economic problem—sometimes called the basic, central, or fundamental economic problem—is one of the fundamental economic theoretical principles in  ...

What is the Basic Economic Problem of Scarcity? - Video & Lesson ...


Scarcity, or limited resources, is one of the most basic economic problems we face. We run into scarcity because while resources are limited, we are a society ...

The economic problem - Economics Online


All societies face the economic problem, which is the problem of how to make ... big or small, developed or not, must endeavour to answer three basic questions.

Study Note - The Basic Economic Problem: Scarcity and Choice ...


Sep 13, 2011 ... The basic economic problem is about scarcity and choice. Every society has to decide: What goods and services to produce: Does the ...



Know some ways individuals and groups attempt to satisfy their basic needs ... An economy is a system that attempts to solve the basic economic problems. The.

The basic economic problem and opportunity cost Strategic ...


The basic economic problem is thus frequently referred to as 'scarcity and choice' . A resource is a means of support. A resource from the point of view of ...

What is economic problem? definition and meaning


Definition of economic problem: A theory that scarcity exists in the sense that only finite and insufficient resources are available to satisfy the needs and desires ...

Fundamental Problems of an Economy - Economics Discussion


In doing so, an economy has to solve some basic problems called Central ... Whatever the type of the economy or economic system, these problems have to be ...

Popular Q&A
Q: What is the basic economical problem?
A: the basic economic problem in the socity is choice,as we do not have enough resources to satisfy human wants, we find it difficult to choose between two or more... Read More »
Source: wiki.answers.com
Q: What is basic economic problem?
A: '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... Read More »
Source: answers.yahoo.com
Q: What are the three basic economic problems?
A: the fundamental economic problem is how to allocate scare resources amoung unlimited wants, there are three questions that we have to answer they are What to pr... Read More »
Source: wiki.answers.com
Q: What Is Basic Economics Problem?
A: The basic problem of economics is people have limited and less resources but they have unlimited wants. Second one is inflation (commodities high price). Anonym... Read More »
Source: www.blurtit.com
Q: What Is Basic Economic Problem?
A: State the principle of the first basic economic problem;"what goods and services to produce?" Anonymous Read More »
Source: www.blurtit.com