Explain the basic economic concepts:
unlimited wants, scarcity, choice and
opportunity cost
, Scarcity means that there are not enough
resources to meet the needs of all economic
agents (individuals, household, firms, government).
Wants are infinite/unlimited, while resources
are finite, limited, few.
Scarcity is the main problem of Economics
Choices must be made at every level of the
economy. Given the unlimited desires of man,
limited resources would have to be allocated
or shared among the production of certain
goods and services which are deemed most
important.
unlimited wants, scarcity, choice and
opportunity cost
, Scarcity means that there are not enough
resources to meet the needs of all economic
agents (individuals, household, firms, government).
Wants are infinite/unlimited, while resources
are finite, limited, few.
Scarcity is the main problem of Economics
Choices must be made at every level of the
economy. Given the unlimited desires of man,
limited resources would have to be allocated
or shared among the production of certain
goods and services which are deemed most
important.
