Start networking and exchanging professional insights

Register now or log in to join your professional community.

Follow

What is the fundamental economic problem of all societies?

user-image
Question added by Naila Saleem
Date Posted: 2017/07/03
Keerthi S Kumar
by Keerthi S Kumar , QUALITY ASSURANCE MANAGER , KALBAVI CASHEWS and ACCELERATED FREEZE DRYING COMPANY PVT LTD

The basic and fundamental economic problem in society is scarcity. That is, while resources are limited, we are a society with unlimited wants. We have to efficiently allocate resources. 

 A good is considered scarce if it has a non-zero cost to consume. Therefore, scarcity creates a need for decisions and trade-offs to be made.

 

More Questions Like This

Do you need help in adding the right keywords to your CV? Let our CV writing experts help you.