scarcity
- Created by: Taz Mohamed
- Created on: 31-01-16 02:02
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- Scarcity
- The basic economic problem
- Human wants infinite , the resources required to meet those wants are finite
- it exists in both poor/wealthy country
- because not all human wants cant be satisfied
- scarcity is inevitable and it means we will have to make choices over the use of our : limited resources
- In order to provide for our "material wants"
- These inevitable decisions exists within consumers , producers and goverment
- In order to provide for our "material wants"
- when we make the decision about what is to be done with the resource opportunity cost arises
- The basic economic problem
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