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What is meant by the basic economic problem of scarcity?
Scarcity is where there is insufficient and inadequate amounts of something. In economies, resources are scarce, or limited due to the producer, consumer and government demand for them. Every...
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What is meant by economic?
The word 'economic' has a few senses or meanings: 1: financially rewarding; 2: concerned with worldly necessities of life (especially money); 3: of or relating to an economy, the system of...
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What is an economic problem?
When there is trouble involving money.////THIS IS REFERS TO THAT THERE IS A LACK OF SUFFICIENT PRODUCT TO FULFILL THE NEEDS AND WANTS OF THE POPULATION WHICH LEADS TO OPPORTUNITY COST
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What is Zimbabwe's biggest economic problem?
The biggest economic problem of Zimbabwe is its government. Mugabe took the farm owned by the whites and gave them to his party cronies and supporter. Then a country that exported food become a...
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What is meant by economic recession?
Recession means decrease in the employment rate, investment rate and profit rate of the economy...
if the recession period increase then this will be called depression.