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Why scarcity is a basic fact of life according to economic theory?
Wiki User
∙ 15y ago
Demand will always be greater than supply.
Wiki User
∙ 15y ago
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What is the basic fact of economic life?
Scarcity
Which economic theory states that the basic problems of scarcity and allocation of limited resources are solved by production for use or need rather than production for profit?
For A+ : Socialism
The basic ingredients in any economic decision are?
scarcity and choice
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.
What is the basic fact of economic life?
Scarcity
Which economic theory states that the basic problems of scarcity and allocation of limited resources are solved by production for use or need rather than production for profit?
For A+ : Socialism
The basic ingredients in any economic decision are?
scarcity and choice
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.
What is the topic of scarcity?
Scarcity is a basic economic problem that stems from unlimited wants and limited resources to satisfy the numerous wants.
What are the three main elements of the basic economic problems?
scarcity,choice ,demand
What are the basic economic concepts illustrated by a PPC?
scarcity,choice and opportunity cost
What term causes a nation to have to answer the three basic economic questions?
Scarcity of resources
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.
Which basic economic problem does the US share with all other nations?
Scarcity of resources
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.
