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  • hi dad, schools going good. In eco we are learning about basic economic problem
  • hi son hows your new school and what are you learning in eco
  • Scarcity, or limited resources, is one of the most basic economic problems we face.We run into scarcity because while resources are limited, we are a society with unlimited wants.
  • so what is the basic economic problem
  • Therefore, we have to choose. We have to make trade-offs. We have to efficiently allocate resources. 
  • We have to do those things because resources are limited and cannot meet our own unlimited demands.
  • oh wow, excellent thats a pretty detailed explaination.
  • the end of the first week of school
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