Why in the river resources what caused the problem?
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Asked in River Deltas
What is the buildup of a river delta is caused by?
Asked in Lakes and Rivers
What natural resources are found in the river Ganges?
Asked in Bodies of Water, Lakes and Rivers
Is a river or lake a water resources in South Carolina?
Asked in Shopping
What is the email address for the Human Resources Department in River Island Clothing Co?
Asked in Diary of a Wimpy Kid
Who caused the main problem in the story Diary of A Wimpy Kid The Ugly Truth?
Asked in Economics
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.