Definition: While our resources are finite, our wants and needs are infinite
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The basic is that resources are scarce relative to the purposes to which they could be put. As a result choices have to be made about how to use resources.
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This category has the following 32 subcategories, out of 32 total.
- The fact that there are unlimited wants but limited resources to produce the goods and services to satisfy those wants. This creates scarcity.
THE ECONOMIC PROBLEM: Another term for scarcity, which is the pervasive condition of human existence that exists because society has unlimited wants and needs, but limited resources used for their satisfaction.
1947. The in Peace and War. London: Macmillan.
1971. Autobiography of an Economist. London: Macmillan.
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The basic economic problem that arises because people have unlimited wants but resources are limited. Because of scarcity, various economic decisions must be made to allocate resources efficiently.
The first attempts to analyze s appear in the writings of the ancient Greeks. Plato recognized the economic basis of social life and in his Republic organized a model society on the basis of a careful division of labor.
Between 1818 and 1827, tariff issues involved constitutional and sectional problems as well as economic problems. A number of tariffs were passed during these years, but the only major act was the Tariff of 1824.
In general, the possibility that a factor of production may suddenly move elsewhere can create serious s.
Action time lag The time required between recognizing an economic problem and putting policy into effect. While the action time lag is short for monetary policy, it is quite long for fiscal policy, which requires parliament's approval.
If anyone still believes that government printing money will solve our s (the reason why we have them is because government prints money, resources are missalocated and we get bubbles), I have a bridge to sell you....
This alone creates an enormous social economic problem because the wealthy go to other countries to study while the poor have no options.
Uncertainty or speculation about inflation can cause a reluctance to invest and lead to s just on the myth that something may happen, even if it doesn't.
sweeping tax legislation since the beginning of World War II, having the objective of requiring people with the same amount of income to pay the same amount of taxes. It reduced the importance of tax incentives to cure social and economic problems ...
in planning and managing environmentally responsible development in four major areas: (a) poverty and the environment; (b) growth patterns, consumption standards, demographic pressures and the environment; (c) international s; ...
International Monetary Fund - IMF. Established in 1944 by the United Nations to monitor foreign exchange systems and encourage trade between member nations. It also lends money to developing countries with economic problems.
A co-operative approach by the country's main stakeholders (employers, trade unions, farming community, and voluntary organisations) to tackle the s of the state in a manner beneficial to all.
See also: Sector, Index, Banks, Saving, Keynesian