What do economists consider to be "the great economic problem"?
A) eliminating scarcity
B) maximizing employment while minimizing inflation
C) using limited resources to satisfy as many of our unlimited wants as possible
D) utilizing tax policies to eliminate business cycles

Question

Quizplus · Accepted Answer

Economists generally consider the fundamental problem of economics to be scarcity - the fact that resources are limited in comparison to our unlimited wants and needs. The challenge is therefore to use these limited resources as efficiently as possible to satisfy as many wants as possible. Employment, inflation, tax policies, and other economic issues are all important, but they are ultimately secondary to the underlying problem of scarcity.

What Do Economists Consider to Be "The Great Economic Problem