Basic Problems of An Economy

Any economy faces the basic problem of ________________.

One who transforms natural objects into resources and utilises the for the benefit of his own and the society is _________________ resource

• Human

• Man-made

Natural substances whose location and condition have been determined and which are already being used by the present generation are _________________ resources

• ubiquitous

• localised

• potential

• actual

Forests are non-renewable resources.

• True

• False

Give two examples of biotic resources

That developmental strategy which manages the resources for increasing long term well being of the people is referred to as __________________ development.

What is the main cause of economic problem?

• Unlimited wants, limited resources, alternative use of these resources

• What to produce?, How to Produce, For whom to Produce?

What to produce?, deals with ________________

• technique of production

• quality of production

• quantity of production

Technique of production that makes more use of machines and less use of human labour are _____________ technique.

• Labour intensive

• Capital Intensive

For whom to produce?, deals with the problem of

• Production

• Processing

• Purchasing

• Distribution