Economics
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Active recall with 3D-flip cards, then self-grade.
Past papers:1048 questions
The basic economic problem · EasyQuestion
What best describes the economic problem faced by every society?
- A. There are too many goods chasing too few wants
- B. Wants are unlimited but resources are scarce
- C. Money supply grows faster than output
- D. Governments cannot collect enough taxes
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The basic economic problemAnswer
Correct answer
B. Wants are unlimited but resources are scarce
Scarcity is the core idea: limited factors of production cannot meet unlimited wants, so choices must be made.
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