GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Another term for the Economic Problem
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Finite
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Scarcity
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Economics
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Production
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Explanation:
Detailed explanation-1: -Scarcity, or limited resources, is one of the most basic economic problems we face. We run into scarcity because while resources are limited, we are a society with unlimited wants. Therefore, we have to choose.
Detailed explanation-2: -Scarcity is the basic economic problem. It arises from the insufficiency of resources to satisfy people’s wants.
Detailed explanation-3: -Scarcity falls into three distinctive categories: demand-induced, supply-induced, and structural.
Detailed explanation-4: -In economics, the concept of scarcity conveys the opportunity cost of allocating limited resources. Scarce goods are those for which demand would exceed supply if they were free.
There is 1 question to complete.