The basic economic problem is scarcity of resources which is caused by the existence of alternative uses of resources
The basic economic problem is about scarcity and choice, which every society has to deal with.
which one of the following is not one of the basic economic question
The basicc economic problem that makes choices necessary is that there are limited economic resources & unlimited human wants.
It is the price mechanism
The basic economic problem which is Scarcity give rise to 3 fundamental problems. 1) What to produce (Type & how many) 2) How to produce (Methods of production) 3) Whom to produce for (Not for everyone will get the good) Because of limited resources.
The basic economic problem is about scarcity and choice, which every society has to deal with.
which one of the following is not one of the basic economic question
The basic economic problems in the country of Philippines is high unemployment. For those that are employed low wages is another economic problem.
It is the price mechanism
The basicc economic problem that makes choices necessary is that there are limited economic resources & unlimited human wants.
1. What do you understand by Linear Programming Problem? What are the requirements of Linear Programming Problem? What are the basic assumptions of Linear Programming Problem?
1. What do you understand by Linear Programming Problem? What are the requirements of Linear Programming Problem? What are the basic assumptions of Linear Programming Problem?
It is the price mechanism
The three basic economic problems are what to produce, how to produce, and for whom to produce. These problems stem from scarcity of resources and unlimited wants. Economies must allocate resources efficiently to address these issues.
The basic economic problem which is Scarcity give rise to 3 fundamental problems. 1) What to produce (Type & how many) 2) How to produce (Methods of production) 3) Whom to produce for (Not for everyone will get the good) Because of limited resources.
Scarcity of resources
Scarcity is the basic economic problem that arises because people have unlimited wants but resources are limited.