In an economy, the people have unlimited want for goods and services (g & s), i.e. unlimited wants, but limited are the resources in the world and so we cannot satisfy all our desires and are forced to choose as to which goods to produce.
Thus, shortage and choice or "the limited resources and the unlimited wants" add up the crucial economic problem.
Choice is determined by the following things: -
i. Scale of the preference
ii. Cost of the Opportunity
We can sum up this idea into the figure drawn below: -
As we are faced with the problem of the shortage, there are 3 essential economic decisions to be considered.
i) What goods & services are to be produced and in what quantity which means to produce how much?
This concerns with the allocation of the scarce resources among the alternative uses.
ii) How or by what method/technique goods & services should be produced?
This concerns with the choosing of the most efficient method/technique of production.
iii) For whom are the goods & services to be produced, i.e. who are to get pleasure from the goods & services produced?
This concerns with the distribution of such goods & services.
Email based Basic Economic Problems homework help - assignment help at TutorsGlobe
Are you searching economics tutor for help with Basic Economic Problems questions? Basic Economic Problems topic is not easier to learn without external help? We at www.tutorsglobe.com offer finest service of economics homework help and economics homework help. Live tutors are available for 24x7 hours helping students in their Basic Economic Problems related problems. We provide step by step Basic Economic Problems question's answers with 100% plagiarism free content. We prepare quality content and notes for Basic Economic Problems topic under economics theory and study material. These are avail for subscribed users and they can get advantages anytime.
Why TutorsGlobe for homework help
tutorsglobe.com dhtml assignment help-homework help by online computer programming tutors
tutorsglobe.com valence bond theory assignment help-homework help by online theories of coordination compounds tutors
www.tutorsglobe.com offers occurrence of aldehydes and ketones homework help, occurrence of aldehydes and ketones assignment help, online tutoring assistance, organic chemistry solutions by online qualified tutor's help.
Classifications of Amino Acids tutorial all along with the key concepts of Criteria for Classification of Amino Acids, Classification Based on Structure, Categorization Based on Polarity, Categorization Based on Nutritional Requirements
theory and lecture notes of dc motors ii all along with the key concepts of torque, speed, force, power delivered to load, output power and efficiency, speed-torque characteristics. tutorsglobe offers homework help, assignment help and tutor’s assistance on theory of dc motors ii.
Structure and Bonding in semiconductors tutorial all along with the key concepts of Crystal structure and bonding, Bonding structure, Intrinsic Semiconductors, Impurity states and Acceptors
tutorsglobe.com significance of photosynthesis assignment help-homework help by online photosynthesis tutors
tutorsglobe.com classification of herpes virus assignment help-homework help by online herpes viruses tutors
tutorsglobe.com management of cash assignment help-homework help by online working capital management tutors
There is broad agreement that financial reporting standards have enhanced the quality of financial statements. However, we should be aware to the potential problems related with their use.
tutorsglobe.com attainment of equilibrium in chemical reactions assignment help-homework help by online chemical equilibrium tutors
www.tutorsglobe.com offers Stepwise Refinement homework help, assignment help, case study, writing homework help, online tutoring assistance by computer science tutors.
We have finest tutors who are committed to offer exceptional Bimolecular Assignment Help service at budget-friendly prices ensuring top grades.
TutorsGlobe.com Exams Assignment Help-Homework Help by Online Exam Preparation Tutors
Preparation and Properties of Ethers tutorial all along with the key concepts of Dehydration of alcohols, Williamson Synthesis, Heating Alkyl halides with dry silver oxide, Grignard reagents, Oxymecuration-demecuration, Chemical Properties of Ethers
1950488
Questions Asked
3689
Tutors
1489281
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!