basic economic problem

basic economic problem

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  • Hilma's joined her new class, as she saw that there were 8 other students joining with her but only 3 chairs in the room.
  • Sir, Good morning. why are there only 3 chairs when we are 9.
  • students, we have to adjust ourselves in 3 chairs, the school has taken the 6 chairs for some reason.
  • Now its up to you guys to decide who get to use the chairs when and how often.
  • This lesson we are going to learn about scarcity, meaning are resources are scarce.
  • need is things that are essential and nessecary to live whereas wants are things you desire to have
  • can anybody tell me what is a need and want?
  • which means alternative uses is a solution to the economic problem..
  • the students then brought the chairs of their classroom from the auditorium... as Mr. Jordon had only done this to show them an example of the basic economic problem
  • there we go... are second economic problem is are wants are unlimited which leads me to the fact that scarce resources have alternative uses.
  • yes... it is an alternative use is could be a solution but we must choose which wants we want to satisfy to make sure we make the right decisions it is important that we consider all are options are before we choose the best ones. 
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