What is the basic economic problem?

The economic problem – sometimes called basic or central economic problem – asserts that an economy's finite resources are insufficient to satisfy all human wants and needs.

DP
Answered by Drishti P. Economics tutor

2094 Views

See similar Economics GCSE tutors

Related Economics GCSE answers

All answers ▸

Which one of the following is the most likely consequence of an increase in the division of labour in the production of smartphones?


Why should the government consider the price elasticity of demand when imposing tax on goods?


Discuss how effective a reduction in income tax would be in encouraging economic growth.


Explain the impact on a firm due to an increase in the minimum wage.


We're here to help

contact us iconContact ustelephone icon+44 (0) 203 773 6020
Facebook logoInstagram logoLinkedIn logo

© MyTutorWeb Ltd 2013–2025

Terms & Conditions|Privacy Policy
Cookie Preferences