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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.
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