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Whi is scarcity important in economics?

Scarcity is the fundamental basis of economics. Without scarcity, there would be no economy.


The fundamental economic problem is?

Scarcity.


Fundamental concepts underlying the discipline of economics?

Scarcity and Choice


What is the basic task that economists expect the market to carry out?

deal with the fundamental problem of scarcity


What is the fundamental economic problem?

The scarcity of productive resources relative to economic wants (limited resources verses unlimited wants) is the fundamental problem of Economics.


What is the fundamental problem of economic?

The scarcity of productive resources relative to economic wants (limited resources verses unlimited wants) is the fundamental problem of economics.


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.


What caused the nation to have to answer the three basic economics questions?

Scarcity of resources


What term causes a nation to have to answer the three basic economic questions?

Scarcity of resources


What 3 questions that scarcity force you to ask?

what are the human wants who will make the needs for humans


What are three essential economic questions?

1. Wants 2. Scarcity 3. Choices


What is the definition of basic economic questions?

Basic economic questions all deal with scarcity. These type of questions must be asked so that economic decisions will be made that are beneficial.