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The basic economic condition that exists when unlimited wants exceed limited productive resources is called?
Wiki User
∙ 12y ago
Scarcity
Wiki User
∙ 12y ago
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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 is the law of scarcity in economics?
Scarcity is the fundamental economic problem of having seemingly unlimited human needs and wants, in a world of limited resources. It states that society has insufficient productive resources to fulfill all human wants and needs. ...
What is unlimited in economics?
wants are unlimited while resources are limited. this is also the basic economic problem.
What does scarce economic resources mean?
Scarcity is the basic economic problem that arises because people have unlimited wants but resources are limited.
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 is the fundamentals of economics?
The scarcity of productive resources relative to economic wants (limited resources verses unlimited wants) is the fundamental problem of Economics.
What is the law of scarcity in economics?
Scarcity is the fundamental economic problem of having seemingly unlimited human needs and wants, in a world of limited resources. It states that society has insufficient productive resources to fulfill all human wants and needs. ...
What is unlimited in economics?
wants are unlimited while resources are limited. this is also the basic economic problem.
What does scarce economic resources mean?
Scarcity is the basic economic problem that arises because people have unlimited wants but resources are limited.
In an economic system decisions need to be made about productive resources and which of the following?
Allocation
What is the cause of economic crisis?
unlimited wants with only limited resources
Which economic goal is associated with the idea of achieving maximum fulfillment of economic wants using the available productive resources?
Economic efficiency.
The economizing problem of economics is..........?
That productive resources are scarce relative to economic wants.
which statement best describes the economic concept of scarcity?
People have unlimited wants and limited resources to fulfill them.
What is the key economic concept that serves as the basis for the study of economics is?
efficient use of limited productive resources to satisfy economic wants.
