Question

Which of the following is one of the basic questions used by economists to break down...

Which of the following is one of the basic questions used by economists to break down problems?

  • Economists don't ask any of these questions.

  • What are the wants and constraints of those involved?

  • How will individuals feel about the change?

  • Why has the market failed?

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Answer #1

The correct option is B. The basic economic problem that economists ask is what are the wants and constraints of those involved. This is because we live in a world where we cannot have everything we want. It is based on the existence of scarcity which is an integral part of our lives. Scarcity arise because we have limited resources with unlimited wants. This cycle of constraints on resources and their optimal utilisation is one of the basic questions economists ask.

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