1A : needs and wants

Question 1

what ais the economic problem ?

Answer 1

unlimited wants + limited resources = scarcity

Question 2

what is considered with economic problem ?

Answer 2

• what goods and services should an economy produce ? e.g. housing or services
• how should goods and services be produced ? : labour intensive of land intensive
• who should get the goods and services produced ? : e.g. even distribution or more for the rich