The three basic economic questions are what to produce, how to produce it, and for whom to produce it. All three are to answer how we
Economic Problem
What Are the Consequences of Scarcity in Economics?
The ultimate consequence of scarcity is making choices. We face limited resources. But, on the other hand, we have
Does Scarcity Only Work For The Poor? What Causes Scarcity?
The answer is no. It happens to anyone. The key is the insufficiency of resources to satisfy needs and wants. And scarcity
Why is Money Not an Economic Resource?
The reason money is not an economic resource is because it is not productive. For example, have you ever seen a copywriter write with money or an
Economic Efficiency: Meaning, Prerequisites, Why It Matters
What’s it: Economic efficiency is the state in which resources are allocated to the economy's highest value uses. It involves making the best
How are Economic Resources Allocated?
Scarcity requires us to make choices to allocate economic resources to their highest use. And, every choice involves opportunity cost, the next best
Economic Resources: Definition, Types
What's it: Economic resources is another term for factors of production. They include human resources such as labor and entrepreneurship and
Economic Problems: 3 Basic Questions For An Economic System To Answer
What's it: Economic problems arise because we face scarcity. Our resources are limited to satisfy our unlimited wants and needs. Economics
Opportunity Cost: Meaning, Importance, Examples
Choice makes you face the opportunity cost, whether you realize it or not. At some time, you may have to choose between the two options that you both
Choices in economic: Meaning, Importance, Reasons
Because of resource scarcity, economic agents must make choices. Making choices not only applies to consumers but also businesses and