Скачать или смотреть Fundamental Economic Problem in 60 seconds

INFORMATION REGARDING THE FUNDAMENTAL ECONOMIC PROBLEM BELOW:

60 Seconds explaining the Fundamental Economic problem, then a short exam question for practice. Sorry the sound fades out at the end, it's quite clearly A as it deals with how, what and for whom to produce it to.

The economic problem arises due to scarcity. People have unlimited wants but there are insufficient resources to provide these goods and services. People must therefore make choices, and if they act rationally, they choose the choice which provides the lowest opportunity cost. The opportunity cost is defined as the value of the next best alternative forgone.

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