What is the solution to solving the fundamental economic problem?
A) to allocate limited resources among competing uses
B) to guarantee everyone on the planet a minimum level of food, shelter, and clean water
C) to eliminate poverty in the developing world
D) to increase the amount of leisure time available to people

Question

Quizplus · Accepted Answer

The fundamental economic problem refers to the scarcity of resources and the need to allocate them among competing uses. This means that society must make choices about what goods and services to produce, how much to produce, and for whom to produce them. The solution to this problem is to find the most efficient allocation of resources, which can be achieved through mechanisms such as markets, government intervention, or a combination of both. While ensuring basic needs such as food, shelter, and clean water is important, it is not the solution to the fundamental economic problem as it does not address the issue of scarcity and the need for allocation. Similarly, eliminating poverty or increasing leisure time are desirable outcomes, but they are not the solution to the fundamental economic problem.

What Is the Solution to Solving the Fundamental Economic Problem