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The economic problem is that we have unlimited wants and limited resources. If we had $20 to spend and there was $15 pencil case and a $10headphones but you really want the headphones. This means we have to make choices and sacrifice something to get what you want.

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The economic problem is that we have unlimited wants and limited resources. If we had $20 to spend and there was $15 pencil case and a $25

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The economic problem is that there are unlimited wants and needs and scarce resources to satisfy them. This means we have to make choices and sacrifice something to get what you want. For example, if you had $2 and you needed something to write with, you can either get a pen for $1.50 or a pencil for $1. Since you can't afford both, you have to sacrifice one of them to get the other. What you sacrifice is called opportunity cost. This also proves that money is a scarce resource as you can only have a limited amount of it to buy goods and services.

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The economic problem is related to the word scarcity; the concept of we can't have everything we want, there are limits. Since we have limited resources, we have to Two or more choices of buying between two or more goods. This is Called opportunity cost, it comes an end where you have to choose one and sacrifice the other(s). For example, you have $50 and you have to choose between new shoes or a shirt, if you choose the shoes, you sacrificed the shirt.

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The economic problem is that there are limited resources and unlimited wants, which means we can't have everything we desire. For example if you have $50, and you have the choice of buying a tennis racquet or a video game, say you pick the video game, the opportunity cost is the item that you had to sacrifice.

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As humans, we all have needs and wants. Although our wants and needs are unlimited, the resources available are limited. For example you might want a car but we have a limited amount of money. Money is a scarce resource because it is hard to find. Opportunity cost is when we might want an I pad and an iPhone, But because we have a limited amount of money, we won't be able to get both. This forces us to make a choice of which one we want, and which one we will sacrifice. Even if we do have enough money to get both, we are sacrificing something else because no one has enough money to get everything. The item we give up, is called the opportunity cosy

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The economic problem is when we have unlimited wants but limited resources. For example a $10 pencil case or a $20 headphones

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The economic problem is everyone having unlimited wants we we only have limited resources. This means that we have to make decisions on what to buy. For example if I have $10 and I want to buy new earphones for $6 and a pencil case for $7, I have to make a choice between the two for which item I'm going to buy. This is called opportunity cost and we always have to sacrifice something.

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The economic problem is that we have an unlimited number or wants but only limited needs. The choice between two or more items but only being able to have one. This is scarcity. e.g. Having to buy a new TV but you also want a new tablet. You then have to choose between one or the other then looking at other financial problems.

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The Economic Problem is when we have unlimited wants but limited resources. Everyone wants everything but resources are scarce. This means we have to make choices and sacrifice things for other things. This is called opportunity cost, opportunity cost is when you have a choice to buy one thing over another thing. For example if I had 25 dollars and a footy cost 20 and a soccer ball cost 20 and I chose the footy I made a choice to use my money to buy the footy instead of the soccer ball.

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The economic problem is we want to buy something we have to chose scarafice something because we have unlimited wants and scarce resources but, limited amounts of money as well. So say want to buy a Ipad and a laptop you can only buy one so the opportunity cost is either the ipad or the laptop meaning we can't satisfy all are wants.

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The Economic problem is that our resources are limited whilst our wants are unlimited. E.g you may want to buy an iPad and a iPhone but you don't have the resources to afford both this is called scarcity. This is where the opportunity cost comes in, you will thaave to make a choice to buy one thing and sacrifice another.

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The Economic Problem is where you have unlimited wants but limited resources. If you wanted to buy $267 worth of shopping but you only have $200, you have limited resources in this case it's money and unlimited wants. Opportunity cost is where you have to sacrifice one item for another. The item that you give up is the opportunity cost. For example if you had two pieces of fruit, a pear and an apple, the piece of fruit that you sacrafice is the opportunity cost.

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The economic problem is that we have unlimited wants but limited recourses. To have one item we have to sacrifice another item. Even if we could purchase both we would still have to choose between these two items and another. An example of opertunity cost is that I have $100 I could buy a new iPad case or headphones an iPad case would cost $80 new headphones would cost $30 I would buy the headphones because it is something i need not just a want and I would have $70 of my $100 left over instead of $20.

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The economic problem is the is that we have unlimited wants and limited resources to gain the needs and wants. The resources are scarce so we can't get everything we want. This means we have to make choices. When we make choices we have to sacrifice an option and the option that we give up is called the opportunity cost. An example is that if you want to buy an icecream  but you also want a smoothie you have to decide which one you are going to buy. You can make the choice by comparing prices of the same ice cream and smoothie in another shop and choose the cheapest. Whichever one you don't choose is the opportunity cost

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Is that consumers have unlimited wants but have limited resources this is why there is a scarcity for example if you have two goods a pencil case for $10 or a note book for $10 if you choose to get the pencil case the opportunity cost is the note book the good that you sacrificed

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The economic problem is that there is unlimited wants but there is limited resources. An example is that you want to buy an iPad and also an iPhone but you have to make choices on which one you want to buy. So if you have to sacrifice an item. If you choose the iPad over the iPhone that means the iPhone is the opportunity cost.

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The economic problem is that there are unlimited wants but only limited resources, therefore, there is a opportunity cost which is if a have to buy a pencil for example but I wanted to have a pencil case also I had to sacrifice the pencil case. There is a choice that has to be made in this situation the choice that has to be is to buy a pencil or the pencil case.

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The economic problem is that we have unlimited desires but we have limited resources this is called scarcity. For example you might want to buy an iPad and a iPhone but you only have enough money to buy one. We can never have enough money to buy everything. Opportunity cost is the object you sacrifice. Opportunity cost is related to the economic problem because everyone needs to make choices because of the problem.

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We, as humans want our lives to be easy, wants are things that make our lives easier, but there is a problem, the economic problem. The economic problem is that we have unlimited wants but scarce resources to make those wants, this requires us to make choice, on what we do and do not use our precious resources on. If I need a pen, I can get the refillable 100 dollar pen that is going to last me for years or I can get 50 $2 pens that are not as good quality but it doesn't matter if I lose one or if it runs out there of ink because I have 49 spare. This is call Opportunity cost, what we miss out on by choosing the other item

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The economic problem is an everyday problem. The economic problem is that there are limited resources but there are unlimited wants. This means that you will always have to sacrifice something that you want to have something else. For example, you want a pack of pencils but you also want a pack of eraser. You need to sacrifice one of them to have the other, this is also called opportunity cost.

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The economic problem is everyone has unlimited wants but we only have limited resources to provide those wa

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The economic problem is when we have unlimited wants but limited resources. To have one certain item we need to sacrifice another. This is scarcity. Opportunity cost is when you must choose between a number of resources you could have. For example if I want to buy

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The Economic Problem is that we have unlimited wants and needs and limited resources to satisfy them. The Economic Problem is linked to opportunity cost. Opportunity cost is having the choice between items and sacrificing

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The economic problem is that we have unlimited wants but limited recourses

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The economic problem is is that there are limited resources and that does not match our limited wants. Which means when we have a certain amount of money and we want two things we will have to make a decision on which one to use. E.g. Say you have $20 and you want football for $15 and a pencil case for $10. You will have to make a decision on what to buy.
If you buy the football the opportunity cost is the pencil case.

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Economic Problem:
The economic problem is that there are unlimited wants but limited resources. An example is opportunity cost. Where I could by an erasable pen or a the pencil the erasable  pen is better but cost more  . Which means I have the choose to by the erasable pen or pencil.
I buy the erasable pen because it lasts me longer and erases but at cost of me loosing more scarce resources.

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The economic problem is that there are limited resources but unlimited wants. For example if a consumer is buying a want like a phone they could buy an apple or a Samsung. Their is a problem because they may not have enough money for both because money is a resource and money is a scarcity. This is because of the economic problem. Because you cannot buy both the Samsung and the apple therefore you must choose one and sarafice the other. If you choose the apple the Samsung is the oppurtunity cost. This is because that is what you miss out on when you buy something else.

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Economic Problem.     ( Gilchrist Benny Mangoba)

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Economic Problem.     ( Gilchrist Benny Mangoba)

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The economic problem is related to the word scarcity; the idea of we can't have everything we want

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The Economic Problrm is that we have unlimited wants but limited reasources. This means that we can't have everything. Because the reasources are scarce when we want to buy something we have to sacrifice another item. This is called opportunity cost. If I had $10 and I wanted to buy a $8 dollar pair of headphone and a $6 bag of lollies I would have to choose between the two items. If I buy the headphone what I give up is the lollies and thatbis oportunity cost.

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The ecinomic problem is we have unlimited wants but limeted resources and some being scarcer then other re

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The ecinomic problem is we have unlimited wants but limeted resources and some being scarcer then other re

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The economic problem is how consumers have unlimited needs and wants. 

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The economic problem is how consumers have unlimited needs and wants. 

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The economic problem is when someone has unlimited wants but scarce resources. An example of a scarce resource is money. When a person has unlimited wants they must sacrifice another want to buy one of them. This is known as opportunity cost. E.g you have $30 and you would like a pair of yeezys for $30 and you also want a soccer ball that is $15. You would have to choose one of these wants because you can't buy both.

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The economic problem is that there are unlimited wants and limited resources. When you want to buy something, you must sacrafice something else up to get what you want. There is never enough money to buy everything that you want, therfore, it is a scarce resource. For exampe, if you want to buy an Ipad and a book, but you dont have enough money to buy both, you have to make a choice and sacrafice one of the things you wanted to buy. This is also known as oppotunity cost.

By Amelie

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The economic problem is having unlimited wants but limited resources. Whenever we want to purchase something we have to make a choice between items that we are buying. Everytime  we make a choice we sacrifice something. This is called opportunity cost. For example we want to buy a phone and a laptop but you don't have enough money. Therefore you need to make a sacrifice to not have either a laptop or a phone.