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Why is the Choice is an important element in the basic economic problem?
Wiki User
∙ 11y ago
I bet you regret learning about economics now because i do ok, i do
Wiki User
∙ 11y ago
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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.
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.
What are the 3 main elements of economic problem?
Scarcity, choice, opportunity cost
What is the opposite of economic choice?
non-economic choice
How does socio-economic environment influence career choice?
how does influence our choice of career
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.
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.
What are the 3 main elements of economic problem?
Scarcity, choice, opportunity cost
What is the opposite of economic choice?
non-economic choice
What is the most important element in the periodic table?
I guess the answer to this will vary for each person. But my choice will be CARBON.
What is the basic economical problem?
the basic economic problem in the socity 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.
What lets people make an economic choice?
people choose economic choice because they want to earn money for their family also for themselves.
How does socio-economic environment influence career choice?
how does influence our choice of career
How does socio-economic environment influence choice career?
how does influence our choice of career
What is economic food choice?
vegeterian food
What are the basic economic choices?
first of all, ask yourself the definition of economic choice
What are The three pillars of economic analysis?
The three pillars of economic analysis are the choice, scarcity & coordination.
