What is the basic economic problem?

The economic problem – sometimes called basic or central economic problem – asserts that an economy's finite resources are insufficient to satisfy all human wants and needs.

Answered by Drishti P. Economics tutor

1932 Views

See similar Economics GCSE tutors

Related Economics GCSE answers

All answers ▸

Explain the concept of price elasticity


Define market failure and give an example. Explain how government intervention may reduce market failure.


Explain how a fall in interest rates can affect total spending in the economy.


What is the law of demand?


We're here to help

contact us iconContact usWhatsapp logoMessage us on Whatsapptelephone icon+44 (0) 203 773 6020
Facebook logoInstagram logoLinkedIn logo

© MyTutorWeb Ltd 2013–2025

Terms & Conditions|Privacy Policy
Cookie Preferences