In the U.S., There are some powers delegated to the government only, and others that are reserved to the states. However, there are powers that both the government and the states have and can exercise simultaneously within the U.S. territory, these are called concurrent powers. The areas in which the federal govenrment and the states have concurrent power include in the power to tax, make roads, protect the environment, establish bankruptcy laws, create lower courts and regulate elections, among others.
Explanation:
The fundamental economic problem is the issue of scarcity and how best to produce and distribute these scare resources. Scarcity means there is a finite supply of goods and raw materials. Unlimited wants mean that there is no end to the quantity of goods and services people would like to consume.
