Which of these is NOT a basic economic problem of society?
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Correct Answer: Option D
Explanation:
Scarcity, or limited resources, is one of the most basic economic problems we face. We run into scarcity because while resources are limited, we are a society with unlimited wants. The problem of
- what to produce
- how to produce and for
- whom to produce are the basic economic problems of a society.
- Efficiency of resources used
Scale of production is a secondary production function.
Scarcity, or limited resources, is one of the most basic economic problems we face. We run into scarcity because while resources are limited, we are a society with unlimited wants. The problem of
- what to produce
- how to produce and for
- whom to produce are the basic economic problems of a society.
- Efficiency of resources used
Scale of production is a secondary production function.