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Energy-coal, oil, gas, nuclear, alternative energies. Materials, all sorts of ores producing metals. Building materials like cement. Agriculture, for food and clothing. Water, for personal and industrial use. Transport, roads, railways, harbors, shipping, airports. Money, to facilitate trade. Animals, to provide food, and energy in more primitive cultures.
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∙ 15y ago
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What do you understand by basic economic problem?
The basic economic problem is scarcity of resources which is caused by the existence of alternative uses of resources
What does scarce economic resources mean?
Scarcity is the basic economic problem that arises because people have unlimited wants but resources are limited.
What kinds of economic resources did Rome want?
they remained focus on farming and trading
What basic economic questions must the nation answer?
Scarcity of resources cause all nations to answer 3 economic questions because people have unlimited wants but limited resources to produce them.
A basic characteristic of a command system is that?
A basic characteristic of a command system is that the government owns most economic resources.
What do you understand by basic economic problem?
The basic economic problem is scarcity of resources which is caused by the existence of alternative uses of resources
What does scarce economic resources mean?
Scarcity is the basic economic problem that arises because people have unlimited wants but resources are limited.
What kinds of economic resources did Rome want?
they remained focus on farming and trading
When markets or governments make economic decision about how to most efficiently convert their resources into goods and service what basic economic question are they answering?
Markets or governments make economic decisions about how to most efficiently convert their resources into goods and services. The basic economic question that is being answer is how to produce.
What term causes a nation to have to answer the three basic economic questions?
Scarcity of resources
What basic economic questions must the nation answer?
Scarcity of resources cause all nations to answer 3 economic questions because people have unlimited wants but limited resources to produce them.
A basic characteristic of a command system is that?
A basic characteristic of a command system is that the government owns most economic resources.
What are the 2 basic natural resources that economic systems allocate?
Money, goods & services
Which of these statements correctly states the basic economic premise?
There are unlimited wants with limited resources
Which basic economic problem does the US share with all other nations?
Scarcity of resources
When market or governments make economic decisions about what goods and services their resources will be used to make what basic economic question are they answering?
What to produce
What is Economic growth that assures basic resources for future generations is associated with human development?
Economic growth that assures basic resources for the future is associated with sustainable human development. This type of development meets current needs without compromising the future.
