The scarcity of productive resources relative to economic wants (limited resources verses unlimited wants) is the fundamental problem of economics.
Scarcity.
The scarcity of productive resources relative to economic wants (limited resources verses unlimited wants) is the fundamental problem of Economics.
what are the fundamental of instituion of our present economic sytem
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.
define economic problem
Scarcity.
The scarcity of productive resources relative to economic wants (limited resources verses unlimited wants) is the fundamental problem of Economics.
what are the fundamental of instituion of our present economic sytem
what are the fundamental of instituion of our present economic sytem
the answer to this question is scarcity of fertile land or shortage of labor
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.
The scarcity of productive resources relative to economic wants (limited resources verses unlimited wants) is the fundamental problem of Economics.
define economic problem
What to produce?How to produce?For whom to produce?These are the three fundamental questions that all Economic systems must answer.
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. ...
the consequences of the economic problem
42.