Basic economic problem

Question 1

what is the basic economic problem?

Answer 1

Unlimited wants and needs but there are limited/ scarce resources

Question 2

Need

Answer 2

something you must have in order to survive

Question 3

Want

Answer 3

something you desire but is not essential

Question 4

Resource

Answer 4

Service or other assets used to produce goods and services that meet human needs and wants

Question 5

Scarcity

Answer 5

Refers to the basic economic problem, the gap between limited resources and theoretically limitless wants. Requires people to make decisions about how to allocate recourses efficiently in order to satisfy basic needs and as many wants as possible

Question 6

Opportunity cost

Answer 6

Opportunity cost is the next best alternative forgone

Question 7

why is there oc?

Answer 7

The basic economic problem leads to OC. OC can affect everyone when having to choose. ze4s

Question 8

stake holders

Answer 8

People who are directly and indirectly related/effected by economic activities