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the basic economic problem facing all societies is CHOICE.as we do not have enough resources to satisfy human wants, we find it difficult to choose between two or more choices which leads to opportunity cost.

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15y ago

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What are the solutions for basic economic problems?

what are the basic economic problems facing nigeria and their possible solutions


What do you understand by basic economic problem?

The basic economic problem is scarcity of resources which is caused by the existence of alternative uses of resources


Why do all countries face the basic economic problem?

The basic economic problem is about scarcity and choice, which every society has to deal with.


Basic economic problem will not be solved by?

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What are the basic problem in the Philippines?

The basic economic problems in the country of Philippines is high unemployment. For those that are employed low wages is another economic problem.


How can the basic economic problem solved in a capitalist?

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What is the basic economic problem that makes choices necessary?

The basicc economic problem that makes choices necessary is that there are limited economic resources & unlimited human wants.


How can the basic economic problem solved in a capitalist economy?

It is the price mechanism


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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.


Which basic economic problem does the US share with all other nations?

Scarcity of resources


How market forces help to solve basic economic problems?

how does the market mechanism solve the basic problem of free market economy?


Discuss whether the price mechanism is an effective way to solve the basic economic problem?

Price mechanism is an effective way to solve the basic economic problem. The price of a product is what will determine the demand and this will influence the production output which directly affects the economy.

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