ENTREPRENEURIAL OPERATIONS
PRODUCTION PLANNING AND CONTROL
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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What is the fundamental problem of every society?
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labor costs
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scarcity
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economic interdependence
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market fluctuation
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Explanation:
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: -All societies face scarcity because all have unlimited wants and needs with limited resources. What basic choices are faced by all societies? Each society must decide what to produce, how to produce it, and for whom to produce it.
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