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Which basic economic problem does the US share with all other nations?
Wiki User
∙ 10y ago
Scarcity of resources
Wiki User
∙ 10y ago
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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.
Did economic nationalism call for nations to strike trade deals with other nations colonies?
True
Why have some nations begun a transition to free enterprise?
b/c they observed that nations with free enterprise experience higher economic growth than those with other economic systems.In other words, they wanted to be rich like US.
What do the economic systems of other countries have in common with the economic system of the US?
They face the same basic economic problems
What does scarcity means in basic economic problem?
All other factors unchanged, as a commodity become more scarce, market price tends to rise. Supply and demand. Assuming that demand remains the same, as supply decreases, market price rises.
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.
Did economic nationalism call for nations to strike trade deals with other nations colonies?
True
How did roosevelt want the us and other nations to stop the aggression of the Japanese?
by the use of economic nations
How did the Roosevelt want the US and other peaceful nations to stop the aggression of the Japanese?
by the use of economic nations
How did Roosevelt want the US and other peaceful nations to stop the aggression to the Japanese?
by the use of economic nations
What do economics systems of other countries have in common with the US?
They face the same basic economic problems
What are the basic social economic necessities?
The most basic social economic necessities are food, drinking water, shelter, and clothing. Many other things are also desirable, but not as basic.
Why is regionalism a problem in developing nations?
Because the other nations dont like when other religions/people take over
In many Latin American nations reliance on the production of a single cash crop has led to?
economic dependance on other nations
Why did the other nations not help Ethiopia?
Other nations did not help Ethiopia because World War I memories made them fearful, and much of the world was in economic ruin.
What do the economics systems in other countries have in common with the economic system of the us?
They face the same basic economic problems
How did Roosevelt want the US and other peaceful nations to stop the aggression of the Japanese?
by the use of economic nations
