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Questions and Answers
What is the fundamental economic problem?
What is the fundamental economic problem?
- Overproduction of goods and services
- Limited resources and unlimited wants (correct)
- Equal distribution of wealth
- Global economic recession
How does the fundamental economic problem arise?
How does the fundamental economic problem arise?
- From the imbalance between human wants and available resources (correct)
- As a result of natural disasters affecting production
- Because of a lack of technological advancement
- Due to excessive government intervention in the economy
Which factor contributes to the fundamental economic problem?
Which factor contributes to the fundamental economic problem?
- Globalization leading to equal distribution of resources
- Rapid population growth without corresponding resource development (correct)
- Advancements in renewable energy technologies
- Increased government spending on social welfare programs
