The basic economic problem facing society is how to allocate scarce resources between competing alternatives. Economists say that resources are finite; needs may be finite, but wants are infinite. Therefore scarcity means that there are not enough resources available to satisfy the wants of the population.
Because resources are scarce society must make choices. they must answer the questions of what, how, and for whom?
Appropriate development
• Explanation of scarce resources
• Reference to scarcity, choice and opportunity cost
• Explanation of basic economic problem
• Factors of production
lydiajane74 answered the question on July 4, 2018 at 15:47
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