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 Resources
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
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
Why Are Economic Resources Scarce?
Economic resources are scarce not only because they are few in number. It doesn't stand alone. You have to compare it with other concepts, namely
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