Economic problem occurs when
...Economic problem occurs when
There is scarcity relative to demand
All raw materials are imported
Many people are out of work
There are no buyers for our goods
Correct answer is A
Scarcity explains the basic economic problem that the world has limited or scarce resoures to meet seemingly unlimited wants, and this reality forces people to make decisions about how to allocate resources in the most efficient way.
Examples of joint stock banks are ...
If a total cost curve is plotted, marginal cost can be illustrated by the ...
The trade unions in West Africa have achieved the following for the workers except ...
The demand for torch and batteries is an example of ...
The terms of trade are said to be favorable only if ...
Dumping is selling goods in a foreign market at a price ...
Public enterprises are supported on the grounds that they are undertaken for ...
Tariff on imports are meant to ...
The short-run equilibrium output for a monopolist is determined by the ...