Question

The fundamental economic problem is meeting people’s virtually unlimited needs and wants with limited resources.

Question 6 options:
True
False

Answer 1

option A, True

Step-by-step explanation:

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Answer 2

Answer: True

Explanation:

This problem is referring to issues of scarcity.

• Awareness of the fundamental economic problem can help society to see how they can distribute and produce scarce resources because those resources have limits and infinite demands. One of the main problems is that the people are having a need and want that is unlimited, while resources are not and they must be used rationally. Limited resources are used for satisfying those needs and people wants and they have alternative uses.

Four main problems when it comes to resource and economy are What to produce, how to do it, from whom and what can be the provision of it.