HideShow resource information

The basic economic problem

The basic economic problem is that resources are scarce in relation to wants which are unlimited. The resources avaliable in an economy are known by economists as factors of production which include Land, Labour, Entrepreneurship and Captial.

Land: This is the natural resource. It includes things such as mineral disposits like oil and coal, the earth, rivers and lakes. 


No comments have yet been made

Similar Economics resources:

See all Economics resources »See all Economic Problem resources »