2 Economics textbooks often start by identifying the existence of the basic economic problem.What is it that makes this problem ‘basic’?1 pointA It affects all economies and individuals.B It is the most urgent target of government economic policy.C It only affects low-income developing economies.D It relates to the production of raw materials in the primary sector.
Question
2 Economics textbooks often start by identifying the existence of the basic economic problem.What is it that makes this problem ‘basic’?1 pointA It affects all economies and individuals.B It is the most urgent target of government economic policy.C It only affects low-income developing economies.D It relates to the production of raw materials in the primary sector.
Solution
The basic economic problem is considered 'basic' because it affects all economies and individuals. So, the correct answer is A. This problem refers to the fundamental economic issue of scarcity, where finite resources must be allocated amongst competing uses. This issue is universal, affecting all economies regardless of their development status, and all individuals as they decide how to use their limited resources.
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