GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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People are greedy
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There are not enough resources for those who want them
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Resources are too expensive for most people
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Because there is a huge gap between the rich and poor
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Detailed explanation-1: -There are not enough resources to produce everything that we need and want. The basic economic problem that arises because people have unlimited wants but resources are limited. Because of scarcity, various economic decisions must be made to allocate resources efficiently.
Detailed explanation-2: -Scarcity– the fundamental problem facing all societies. It is the condition that results from society not having enough resources to produce all the things that people would like to have.
Detailed explanation-3: -One of the defining features of economics is scarcity, which deals with how people satisfy unlimited wants and needs with limited resources. Scarcity affects the monetary value people place on goods and services and how governments and private firms decide to distribute resources.
Detailed explanation-4: -The result of the difference is scarcity, the situation that exists when there are not enough resources to meet human wants. Scarcity is the fundamental and ongoing tension that confronts individuals, businesses, governments, & societies.