Basic economic problem

Description

The basic economic problem and its effect in a simple flowchart
Rajesh Krishnamurthy
Flowchart by Rajesh Krishnamurthy, updated more than 1 year ago
Rajesh Krishnamurthy
Created by Rajesh Krishnamurthy almost 7 years ago
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Resource summary

Flowchart nodes

  • Wants are unlimited
  • Resources are limited
  • Creates scarcity
  • Choices should be made
  • Leads to opportunity cost.
  • Real economic problem
  • Must be used efficiently
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