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Is it true that the basic economic problem is that consumers have too many products and services to choose from?
Wiki User
∙ 11y ago
True because theres so many wants and needs in this world.
Wiki User
∙ 11y ago
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The basic economic problem is that of allocating scarce resources among the competing and virtually limitless wants of?
Consumers In Society.
What is an example of the kinds of choices that a business would have to make because of scarcity?
Scarcity and choice is the basic economic problem. New wants and needs lead to constant scarcity of certain products or services, and this leads consumers and businesses alike to have to make choices. An example is the desire for two different services in a business when resources are limited (say, renovate or reupholster). The choice must be made as to which to do to make the most of available resources.
A person who purchases goods and services is called a?
It's called a trade -off No problem hope that's it
Does economic growth solves the problem of scarcity?
Yea of course....its due to economic growth goods and services are produced at large and hence fight the problem of scarcity as everyone will be able to consume goods
Explain what is meant by the basic economic problem?
Economic problem is the problem regarding allocation of limited resources for the production of alternative goods and services. in other words, economic problem is the 'problem of choice'. Since the resources are scarce and they have alternative uses, there arises the problem of choice regarding the use of these resources. The law of scarcity states that goods are scare because there are not enough resources to produce all goods that people want to consume. Thus, Economic Problem is the 'problem of relative scarcity' and the 'problem of choice' arising therefrom.The basic economic problems of an economy are given below:What to produce and how much to produce?How to produce?For whom to produce?Problem of fuller utilisation of resources.Problem of efficiency in utilisation of resources.Problem of economic growth.
The basic economic problem is that of allocating scarce resources among the competing and virtually limitless wants of?
Consumers In Society.
What is an example of the kinds of choices that a business would have to make because of scarcity?
Scarcity and choice is the basic economic problem. New wants and needs lead to constant scarcity of certain products or services, and this leads consumers and businesses alike to have to make choices. An example is the desire for two different services in a business when resources are limited (say, renovate or reupholster). The choice must be made as to which to do to make the most of available resources.
A person who purchases goods and services is called a?
It's called a trade -off No problem hope that's it
Does economic growth solves the problem of scarcity?
Yea of course....its due to economic growth goods and services are produced at large and hence fight the problem of scarcity as everyone will be able to consume goods
Define the economic problem?
define economic problem
Explain what is meant by the basic economic problem?
Economic problem is the problem regarding allocation of limited resources for the production of alternative goods and services. in other words, economic problem is the 'problem of choice'. Since the resources are scarce and they have alternative uses, there arises the problem of choice regarding the use of these resources. The law of scarcity states that goods are scare because there are not enough resources to produce all goods that people want to consume. Thus, Economic Problem is the 'problem of relative scarcity' and the 'problem of choice' arising therefrom.The basic economic problems of an economy are given below:What to produce and how much to produce?How to produce?For whom to produce?Problem of fuller utilisation of resources.Problem of efficiency in utilisation of resources.Problem of economic growth.
What are roles of customer care jobs?
As far as I know, the roles of customer care are assisting the customer to resolve the problem on products and services within a phone call conversation. They are also answering the customer inquiries about products and services.
Baking soda can neutralize acids in what type of consumers products might you find baking soda?
i have used alka-seltzer for years. it has always worked. never had a problem with it.
What are social factors affecting business?
A high unemployment rate is a social problem that affects businesses. With fewer people working, consumers can't purchase a businesses' products.
What is economic consequences?
the consequences of the economic problem
How to Clean catalytic converters?
NO WAY!!! otherwise you'd see tons of commercial products for cheapper than the cat, but still expensive enough to cause a problem to average consumers.
What a the economic problems faced by the world?
The biggest economic problem is Scarcity. All over the globe, people have unlimited want and desires, but we have only LIMITED resources. Economics is about making decisions to fulfill these wants to our extent. For example, questions such as: What goods and services should an economy produce? How should we produce these goods and services? Who should get the goods and services we produce?
