ECONOMICS
TECHNOLOGY
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
security
|
|
|
the fact the United States buys more goods from foreigners than we sell to foreigners
|
|
|
health
|
|
|
scarcity
|
Detailed explanation-1: -The fundamental economic problem faced by all societies is Scarcity. The economic resources are insufficient to satisfy human wants and needs. Human wants are unlimited, but the means to satisfy human wants are limited. Scarcity affect the economic growth of the country.
Detailed explanation-2: -Scarcity is one of the key concepts of economics. It means that the demand for a good or service is greater than the availability of the good or service. Therefore, scarcity can limit the choices available to the consumers who ultimately make up the economy.
Detailed explanation-3: -Scarcity means individuals, businesses and governments have to deal with the problem of unlimited wants, but limited resources. Every economic system, from capitalism to socialism, has to deal with the problem of scarcity whereby the demand is greater than the supply.
Detailed explanation-4: -Scarcity is a fundamental term in economics and describes how the availability of supplies, raw materials or employees is crucial to producing goods and services and setting their price. Natural disasters, consumer habits, international relations and other factors can influence scarcity.
Detailed explanation-5: -The three basic problem of economics are: What to produce. How to produce. For whom to produce.