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What is the fundamental economic problem of all societies?

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Question ajoutée par Naila Saleem
Date de publication: 2017/07/03
Keerthi S Kumar
par 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.

 

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