The most essential economic problem is the existence of:
A)both an increasing population and the depletion of natural resources.
B)both limited economic resources and unlimited desires.
C)both inflation and unemployment.
D)income inequality and economic freedom.

Question

The most essential economic problem is the existence of:
A)​both an increasing population and the depletion of natural resources.
B)​both limited economic resources and unlimited desires.
C)​both inflation and unemployment.
D)​income inequality and economic freedom.

Quizplus · Accepted Answer

The most essential economic problem is the scarcity of resources to satisfy our unlimited wants and needs. This scarcity leads to the need for economic choices, prioritization, and trade-offs. As a result, society must choose how to allocate limited resources efficiently among competing needs and wants. While the other options listed may also be significant problems within the realm of economics, they do not represent the most fundamental economic problem.

The Most Essential Economic Problem Is the Existence Of