Question
Why does an economic problem arise? Explain.
Resources, ie. land, labour, capital, etc. are available in limited quantities in an economy and cannot produce all what people want.
Wants of the people are unlimited and keep on multiplying and cannot be satisfied due to limited resources.
A resource can be used for producing more than one product. This creates a problem. Which product should be produced or which want should be satisfied first.
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| Units of x | TU |
| 1 | 11 |
| 2 | 21 |
| 3 | 30 |
| 4 | 38 |
| 5 | 45 |
| 6 | 51 |
| 7 | 56 |
| 8 | 60 |