What is the basic economic problem that all persons, businesses and countries face? What are the differences in the way a market process vs. a command process attempt to deal with the basic economic problem? What is the difference between Economic Profits and Accounting Profits? Discuss the importance of taking into account the opportunity costs (implicit costs) in investment decisions. Illustrate your discussion with examples.

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The basic economic problem that all individuals businesses and countries face is that of problem of scarcity The problem of scarcity arises due to two problems i human wants are unlimited ii resources ... View the full answer