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
Related Economics GCSE answers
All answers ▸What is the difference between the long run and short run Phillips curves?
What conditions allow a firm to sell the same product at different prices?
What is the difference between the terms elastic and inelastic and how do they relate to demand?
Identify policies a government can use to achieve economic growth.