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Homework answers / question archive / Economic Problem Examine the diagram below
Economic Problem Examine the diagram below. State if the diagram adequately depicts the "economic problem as a concept. Sate yes or no and justify your answer. Limited resources Unlimited Needs and Wants Economic Problem
Economic problem is referred as a problem in the economy which is concerned with satisfying the unlimited wants and needs of people by utilizing the limited resources. The wants of the people are unlimited, but the resources which are used to satisfy their wants are limited. The diagram depicts the same thing by showing unlimited wants and needs of people at the heavier side, and limited resources at the lighter side.
