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

Question

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] · Answer 1 · 2022-02-17T17:30:34+03:00

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.