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Economic Problem

Three Basic Economic Questions and Resource Allocation

Updated on January 22, 2023 by Ahmad Nasrudin

Three Basic Economic Questions and Resource Allocation

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

Topic: Economic Problem, Economic Resources, Introduction to Economics Category: Introduction to Economics

What Are the Consequences of Scarcity in Economics?

Updated on January 6, 2023 by Ahmad Nasrudin

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

Topic: Economic Problem, Economic Resources, Scarcity Category: Introduction to Economics

Does Scarcity Only Work For The Poor? What Causes Scarcity?

Updated on January 6, 2023 by Ahmad Nasrudin

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

Topic: Economic Problem, Economic Resources, Scarcity Category: Introduction to Economics

Why is Money Not an Economic Resource?

Updated on January 6, 2023 by Ahmad Nasrudin

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

Topic: Economic Problem, Economic Resources Category: Introduction to Economics

Economic Efficiency: Meaning, Prerequisites, Why It Matters

Updated on January 6, 2023 by Ahmad Nasrudin

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

Topic: Economic Efficiency, Economic Problem Category: Introduction to Economics

How are Economic Resources Allocated?

Updated on January 6, 2023 by Ahmad Nasrudin

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

Topic: Economic Problem, Economic Resources Category: Introduction to Economics

Economic Resources: Definition, Types

Updated on January 22, 2023 by Ahmad Nasrudin

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

Topic: Economic Problem, Economic Resources, Introduction to Economics Category: Introduction to Economics

Economic Problems: 3 Basic Questions For An Economic System To Answer

Updated on August 29, 2023 by Ahmad Nasrudin

Economic Problems: Three 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

Topic: Economic Problem, Economic System, Factors of Production, Needs, Resources, Wants Category: Introduction to Economics

Opportunity Cost: Meaning, Importance, Examples

Updated on January 22, 2023 by Ahmad Nasrudin

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

Topic: Economic Problem, Opportunity Cost Category: Introduction to Economics

Choices in economic: Meaning, Importance, Reasons

Updated on January 22, 2023 by Ahmad Nasrudin

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

Topic: Choice, Economic Problem Category: Introduction to Economics

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