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 allocate resources to meet our needs and wants. But, then, the way we answer them also
Introduction to Economics
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 needs and wants. Scarcity occurs because resources are limited to satisfy our unlimited needs and
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 non-human resources such as land and capital. Sometimes we refer to them briefly as inputs or
Scarcity in Economics: Its Relation to Resources, Needs, and Wants
What's it: Scarcity is a finite state, so it cannot fulfill something. In the introduction to economics, scarcity represents a condition in which limited resources cannot satisfy our needs and wants, which are unlimited.Economic