Economy, asked by danishsaifi746786456, 5 months ago

1. Giving an example explain how economic problem arises in an economy due to
'unlimited wants'.
[3]

Answers

Answered by naveenjoshi01974

4

An economic problem is basically the problem of choice which arises because of scarcity of resources. Human wants are unlimited but means to satisfy them are limited. Therefore, all human wants cannot be satisfied with limited means. ... In such a background, every consumer tries to satisfy his maximum wants.

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