The basic problem addressed in economics is
a. scarce resources and unlimited wants
b. scarce wants and unlimited resources
c. cost minimization
d how to manage a financial portfolio
e. unlimited time and unlimited potential
The basic problem addressed in economics is?
a
Reply:A - economics is about the allocation of resources and the subsequent outcomes
Reply:a
Reply:definitely a.
Reply:The basic problem in economics is that man has unlimited wants and limited means.Limited means have alternative uses.
Hence man has to select the most important
wants keeping in view the limited resources or means.Hence he resorts to choice.He
selects the most important wants and spends his limited resources to satisfy the
selected wants.This is the basic problem
both at the micro and macro level.
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