BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
Which of the following is the cause of central economic problem?
|
|
Scarcity of recourses
|
|
|
Unlimited wants
|
|
|
Alternative use
|
|
|
All of the above
|
Explanation:
Detailed explanation-1: -Scarcity of resources, Alternative uses and Unlimited wants are the cause of an economic problem.
Detailed explanation-2: -A society faces scarcity of resources during the time of fulfillment of these activities. Such scarcity is evident due to the availability of only limited resources and increasing human needs. Therefore, this variation between the supply and demand leads to the formation of central problems of an economy.
Detailed explanation-3: -The central problem in economics is that what, how and for whom to produce and it is allocating scarce resources in such a manner that society’s unlimited needs or wants are satisfied as well as possible.
There is 1 question to complete.