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Dvinal [7]
3 years ago
14

The fundamental economic problem is meeting people’s virtually unlimited needs and wants with limited resources.Question 3 optio

ns:True False
Business
1 answer:
Solnce55 [7]3 years ago
7 0

Answer:

The correct answer is: True.

Explanation:

The basic or fundamental problem in economics is people have unlimited wants and needs and the resources are limited. These limited resources have alternative uses and are used to satisfy unlimited wants and needs.

These resources are to be used rationally in such a way that total utility or consumption derived is maximized.

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gdpthe actual amount of output produced in an economy because informal market transactions result in increases in output produce
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Gross Domestic Product The informal market transactions that create increases in production produced are not taken into account, which leads to an underestimation of the real quantity of output produced in an economy.

This is further explained below.

<h3>What is Gross Domestic Product?</h3>

Generally, Gross domestic product (GDP) is a monetary measure of the total market value of a country's final products and services generated within a certain time period.

This metric undergoes numerous iterations before being regarded a trustworthy signal because of its complexity and subjectivity.

In conclusion, The Gross Domestic Product a method that, due to the fact that informal market transactions lead to increases in production created, estimates to be lower than the actual quantity of output produced by an economy.

Read more about Gross Domestic Product

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