ECONOMICS
OPPORTUNITY COST
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
limited resources to satisfy unlimited wants
|
|
|
unlimited resources to satisfy limited wants
|
|
|
unlimited resources to satisfy unlimited wants
|
|
|
None of the above
|
Detailed explanation-1: -The basic or central economic problem asserts that an economy’s finite resources are insufficient to satisfy unlimited wants.
Detailed explanation-2: -The basic economic problem is essentially one of deciding to make the best use of: limited resources to satisfy unlimited economic wants and desires.
Detailed explanation-3: -The Fundamental/Basic Economic Problem is that humans have unlimited wants but there are limited resources to provide the goods and services that fulfil these wants. The economic problem arises due to scarcity, allocating scarce resources in order to meet these unlimited needs and wants is the basic economic problem.
Detailed explanation-4: -If there is a central economic problem that is present across all countries, without any exception, then it is the problem of scarcity. This problem arises because the resources of all types are limited and have alternative uses.