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Basic economic problem

Description

The basic economic problem and its effect in a simple flowchart

Flowchart by Rajesh Krishnamurthy, updated more than 1 year ago

	Created by Rajesh Krishnamurthy almost 8 years ago

203

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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